EUR/JPY remains lower after unemployment data

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro zone's second recession in five years looks set to drag on into a seventh successive quarter. Recovery remains a long way off still and…policy makers need to do more to stem the downturn and revive growth." 
- Markit (based on The Wall Street Journal)


Pair's Outlook

After an upside spike yesterday, when the pair reached the upper Bollinger band and weekly R2 level at 133.80, today the Euro sharply depreciates through the weekly pivot point at 131.82 and currently trades at the 20-day SMA and weekly S1 at 131.00. However, after the U.S. unemployment data the price slightly recovered, as it was a positive impulse for investors, but daily performance remains negative. The closest support levels are weekly S2 at 129.96 and weekly S3 at 129.02.

Traders' Sentiment
The recent price drop did not make any noticeable impact on investors' sentiments, as the bearish side remains the leading with 67% of opened positions. Pending orders market is bullish, since 59% of placed orders are buy ones.
© Dukascopy Bank SA

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