© Dukascopy Bank SA
– Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
As was anticipated, the European currency outperformed the Japanese Yen, but failed to receive a sufficient boost in order to reach the strong resistance cluster around 124.00. According to technical indicators the Euro is likely to keep outperforming the Yen, with the cluster around 124.00 still providing immediate resistance, however, this time without the channel's upper border bolstering it. On the other hand, there is now room for a decline, in which case the given cross could slump back under 123.00, putting the channel's support line at 122.27 to another test.
Traders' Sentiment
There are now 53% of traders being long the European single currency, compared to 55% on Wednesday. At the same time, the share of orders to sell the Euro increased from 35 to 64%.
© Dukascopy Bank SA