"The French election considered out of the way, EUR-traders' attention shifts to the European Central Bank (EBC)."
— London Capital Group (based on Investing.com)
Pair's Outlook
The substantial price increase on Tuesday's trading session was stopped by the 23.6% Fibo. Today, the high upside and downside volatility demonstrates the struggle between bulls and bears, with the latter taking the upper hand. Traders are expecting fundamentals from the side of Japan and the ECB, modifying their orders accordingly. By and large, it is expected that the upward momentum guiding the pair towards the top boundary of the broadening wedge should persist. Apart from the monthly R1 at 121.52, no other upside limits are restricting the pair from testing it in the course of the remaining week.
Traders' Sentiment
Today's market sentiment has decreased slightly, as 57% of open positions are long. In addition, 59% of pending orders are to buy the Euro.
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