© Dukascopy Bank SA
- PineBridge Investments (based on Bloomberg)
Pair's Outlook
The Euro edged higher on Monday, but failed to completely erase yesterday's bearish gap. Nevertheless, the European single currency is expected to strengthen again today, unless the supply area, represented by the Bollinger band, succeeds in limiting the gains around the 113.00 major level. The second resistance lies only at 115.11 in face of the weekly PP, while the nearest support rests at 108.16. A drop towards the weekly S1 at 108.16 is unlikely to occur, as the given cross lacks impetus for such a sharp drop. Technical indicators, however, are giving mixed signals in the daily timeframe, unable to confirm either scenario.
Traders' Sentiment
Bullish market sentiment remains unchanged at 65%, whereas the share of sell orders increased from 56 to 67%.
© Dukascopy Bank SA