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- Lutz Karpowitz, Commerzbank (based on Reuters)
Pair's Outlook
The single European currency moves lower against the US dollar after investors' cheer over the EU summit agreements phased out. Thus, as the bearish bias holds, 100.24 (PP Weekly) is going to be an initial support level for bears, while a breach of this line would expose the second and the third resistance levels at 99.30 (PP Monthly) and 98.63 (Lower Bollinger band), respectively.
Traders' Sentiment
According to the SWFX Sentiment Index, at the moment bulls are favoring the Euro-Japanese Yen currency pair as the largest number of positions (59%) is long. Regarding order disposition, 70% of investors anticipate the pair to continue moving in the bullish trend.
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