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- BTMU (based on FXStreet)
Pair's Outlook
The European currency continued to decline against the Japanese Yen on Thursday, but was still unable to close below the immediate support cluster. Consequently, it might be difficult for the Euro to keep sliding down today, as demand, represented by the 38.20% Fibo, the 20 and the 55-day SMAs, remains strong, even though not as strong as on Thursday. Meanwhile, technical studies keep giving bullish signals, implying the given cross is to rebound. However, immediate resistance is also strong, thus, a surge beyond 114.70 seems unlikely. The base case scenario is a close somewhere between 114.00 and 114.70.
Traders' Sentiment
Once again there are less bulls in comparison to the previous day, namely 62% today. As for the pending orders, their share increased from 50 to 55% over the day.
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