© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
After last week's decline the Euro started to regain some of its lost value today, at the moment the pair is trading slightly above the monthly S1 at 140.08. A drop below the major level at 140 is rather unlikely as the 18-nation currency have not slipped beneath this level since the beginning of March. Therefore, we expect the pair to appreciate towards the next resistance level (weekly PP and 100-day SMA) at 140.82/86.
Traders' Sentiment
The difference between the amounts of long and short positions open on EUR/JPY has narrowed since the previous report—currently 43% expect that the Euro will appreciate against the Japanese Yen.
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