© Dukascopy Bank SA
- Commerzbank (based on FXStreet)
Pair's Outlook
The European single currency managed to climb over the 122.00 major level, having added 60 pips against the Japanese Yen on Thursday. The given pair is now likely to put the resistance line at 123.50 to the test, which in turn is bolstered by the upper Bollinger band and the weekly R1. However, technical studies are unable to confirm this scenario, as they keep giving mixed signals in the daily timeframe. The cross still risks closing trade below the 123.00 handle, as psychological resistance remains in play. Ultimately, the Euro could break the 123.50 resistance line in the upcoming days, with the BoJ meeting on Tuesday acting as a catalyst.
Traders' Sentiment
Bulls grew stronger over the day, as now 59% of traders are long the Euro (previously 56%). The share of sell orders slid from 62 to 52%.
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