© Dukascopy Bank SA
- Pavilion Global Markets Ltd (based on Bloomberg)
Pair's Outlook
The pair touched the 20-day SMA at 138.84 today, though it still has not managed to consolidate above this level. Nonetheless, it seems that the Euro succeeded to stabilise above the weekly PP at 138.45. In the short run we expect the common currency to outperform the Yen. We see the weekly PP as a strong support; however, the next somewhat significant resistance level is the weekly R1 and 2009 high at 139.20/24. These levels could slow pair's appreciation.
Traders' Sentiment
The bullish sentiment fell from 52% to 48% today, indicating that once again pair's bears are in slight majority over bulls. The distribution between the buy and sell orders is also quite stable—56% and 44% respectively.
© Dukascopy Bank SA