© Dukascopy Bank SA
- Rabobank (based on FXStreet)
Pair's Outlook
Even though the European single currency appreciated against the Japanese Yen for another day yesterday, the immediate resistance area still limited those gains, preserving the ascending channel pattern. The Euro barely has any room left for another rally, as any surge of more than 20 pips would cause the channel to be broken, with focus shifting towards the second tough resistance cluster around 118.75, represented by the 200-day SMA, the weekly R2 and the three-year down-trend. A negative outcome would be more convenient today, but technical indicators are unable to confirm the possibility of the bearish scenario.
Traders' Sentiment
Traders' sentiment remains bullish at 59% (previously 58%). At the same time, the share of sell orders slid from 54 to 51%.
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