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- Armstrong Investment Management (based on CNBC)
Pair's Outlook
The single European currency moved lower against the US dollar, breaching 55-day simple moving average. If a downside dynamics continues, bears might face an initial resistance level at 98.63 (lower Bollinger band). A breakout here would expose the 97.20/16 zone (S1 Monthly; S2 Weekly) and 95.60 (June 1 Low) for bearish currency traders.
Traders' Sentiment
EUR/JPY traders' sentiment is bullish as 61% of investors are currently holding long positions and 39% of market participants keep short positions. Allocation of pending orders reveals a negative stance of market participants over the EUR/JPY outlook as 71% of investors expect the pair to move downwards.
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