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– Commerzbank (based on FXStreet)
Pair's Outlook
As was expected, the Euro experienced some issues on Thursday and, as a result, was unable to retake the 122.00 level. Even though trade closed in the green zone yesterday, the single currency is unlikely to be as lucky today, still facing a strong resistance cluster around 122.00, formed by the weekly R2, the Bollinger band and the ‘Brexit' high. At the same time, the weekly R1 represents relatively strong support just under the 121.00 major level, which is expected to hold even if bears prevail today. However, technical indicators keep giving bullish signals, implying that a surge beyond 122.00 is possible.
Traders' Sentiment
Market sentiment reached a perfect equilibrium today (previously 51%). At the same time, 61% of all pending orders are to sell the European currency, up from 44% on Friday.
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