© Dukascopy Bank SA
- Rabobank (based on CNBC)
Pair's Outlook
Upon reaching the monthly R1 on Friday, the Euro managed to regain the bullish momentum and outperform the Japanese Yen. However, the nearest resistance was not reached, as the pair struggled to pierce the 139.00 major level. Technical indicators keep giving bullish signals, whereas the single currency is expected to weaken today. Immediate support lies around 138.15, represented by the weekly PP and monthly R1, but risks being breached, as the exchange rate could fall to the 138.00 major level.
Traders' Sentiment
Long and short position ratio is now equal to one. The number of purchase orders, on the other hand, dropped from 31 percentage points. The commands now take up only 52% of the market.
© Dukascopy Bank SA