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- Maruyama Fidelity (based on Bloomberg)
Pair's Outlook
Once again the Euro managed to outperform the Japanese Yen yesterday, but with the 114.00 major level remaining intact. This week has been a good week for the European currency so far, with the given pair rising for three consecutive days, poised for the fourth rally today. The cross is to face the tough resistance cluster circa 114.25, a successful breach of which is to open the door for a rally towards the ten-month down-trend around 114.65. However, technical indicators suggest otherwise, as they keep giving bearish signals today. Consequently, the pair might not have enough steam to pierce the immediate supply area and, thus, bounce back much earlier.
Traders' Sentiment
There are 68% of traders holding long positions today (previously 59%), while all pending orders are equally divided between buy and sell ones.
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