— TDS (based on FX Street)
Pair's Outlook
The European common currency continues to extend its gains for the second consecutive day. The pair has maintained its Friday position, targeting the upper boundary of the broadening wedge at 121.92. It is unlikely that this level is overcome today, seeing that the pair's upward momentum in the hourly timeframe is limited by the upper Bollinger band at 121.92. Technical indicators demonstrate strong bullish signals, suggesting that the pair may avail its upward potential up to 121.30/31. However, the Euro may also trigger a U-turn in the first half of this trading week, supported by technical oscillators being in the overbought area.
Traders' Sentiment
Today's market sentiment is neutral, with 51 of positions being long. Meanwhile, 52 of set up orders are to acquire the European currency.
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