© Dukascopy Bank SA
- Forex.com (based on 4-traders)
Pair's Outlook
The Euro continued to outperform the Japanese Yen, having appreciated just over 100 pips on Friday. The given cross is now likely to experience a bearish correction for a day or two, just ahead of the Fed and BoJ meetings this week. Ultimately, the European currency is expected to pierce the 123.50 psychological resistance, which would pave the way for an solid recovery, eventually. At the moment the weekly R1 and the Bollinger band circa 122.25 are to limit the intraday losses, with the monthly R1 at 121.78 being the second target. However, technical indicators are unable to confirm the possibility of the negative outcome today.
Traders' Sentiment
Bears are barely outnumbering the bulls, as 51% of traders are short the Euro. Meanwhile, the share of buy orders declined from 56 to 54%.
© Dukascopy Bank SA