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– Vladimir Putin, president of the Russian Federation (based on Bloomberg)
Pair's Outlook
For the third consecutive day this week the Euro managed to outperform the Yen, with volatility contained by the Bollinger band and the weekly R2 from below and the resistance cluster just under 116.00 from above. The European currency is poised for another bullish development today, although a surge beyond 115.86 will be difficult to achieve, where the weekly R3 coincides with the 50% Fibo. However, in case bulls manage to push the EUR/JPY cross higher, the monthly R1 at 116.46 will be the next target. Meanwhile, technical indicators are bolstering the possibility of the positive outcome, as they retain bullish signals today.
Traders' Sentiment
Bullish market sentiment returned to its Monday's level of 68% (previously 70%). The share of buy orders declined form 56 to 42%.
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