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- Georgette Boele, ABN Amro Bank NV (based on Bloomberg)
Pair's Outlook
As was expected, the Euro weakened against the Yen on Friday, easily piercing the 119.00 major level and the immediate support. The pair was also supported by a trend-line, which was slightly adjusted, now once again acting as a solid demand level. As a result, the given cross could easily make a U-turn now and partially erase last week's losses. However, the Euro is still being dragged down by the political uncertainty about the French presidential election, thus, the recovery could be short-lived. Meanwhile, technical studies are unable to provide any hints, as they are giving mixed signals in the daily timeframe.
Traders' Sentiment
Traders' sentiment turned bearish today, with 56% of all open positions being short. The number of buy orders declined from 62 to 49%.
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