© Dukascopy Bank SA
- Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
The pair prolonged its advance and appreciated towards the weekly R2 at 142.41 today. This week the Euro had a rather solid gain and it broke the monthly PP and weekly R1. We expect the pair approaching the April highs and weekly R3 at around 143; however, if the pair fails to do so a decline could follow. Although, at the moment it seems that the 18-nation currency is well-supported by the weekly R1 and monthly PP.
Traders' Sentiment
The difference between the bullish and bearish market participants narrowed, at the time of writing 52% of the traders expect a decline. In the meantime, the share of sell orders slid from 59% down to 56%.
© Dukascopy Bank SA