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- IronFX (based on The Business Times)
Pair's Outlook
The ECB Draghi's hawkish speech yesterday strengthened the European single currency against a basket of currencies, including the Japanese Yen. The pair surged more than 100 pips, taking another large step towards the 123.50 psychological resistance level, which is the main target at the moment. The Euro retained its strength today as well, which allowed the cross to climb over the 122.00 handle, but risk-aversion also remains present, thus, boosting the Yen. As a result, the given pair is to struggle to stabilise above the 122.00 major level. Technical studies continue giving mixed signals in all timeframes, unable to confirm any possible scenario.
Traders' Sentiment
There are 53% of traders holding long positions today (previously 52%). The share of buy orders inched up from 45 to 56%.
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