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- Barclays in Singapore (based on Bloomberg)
Pair's Outlook
The Euro is still on a uptrend; however, today the pair has appreciated slightly and currently is trading around the monthly PP and 200-day SMA at 139.69/71. It seems that these support levels are reliable and could push the pair higher towards the weekly R2 at 140.12. Nevertheless, if the shared currency falls below the monthly PP at 139.69 then we might see a decline towards the major level at 139. Regarding the daily and weekly technical indicators we could expect a sideways movement.
Traders' Sentiment
More and more traders consider the advance in EUR/JPY to be overstretched. Accordingly, the share of short positions grew from 51% up to 60%.
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