© Dukascopy Bank SA
- OANDA (based on Business Recorder)
Pair's Outlook
Following two days of relatively flat trade the European single currency declined against the Japanese Yen today. The pair is now under the risk of closing under 115.00, as the immediate support, represented by the monthly PP and the weekly S1. This leaves the cluster around 114.90, namely the 20-day SMA and the weekly S2 to limit the losses and to prevent the cross from closing trade below the 115.00 major level. Meanwhile, a bullish outcome is doubtful, even though technical indicators retain bullish signals in the daily timeframe. The base case scenario is a close around 115.20, with the bearish trend resuming.
Traders' Sentiment
Bullish traders' sentiment returned to its Friday's level of 58%, compared to 55% yesterday. At the same time, the number of orders to sell the Euro inched down from 70 to 61%.
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