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- Principal Global Investors (based on CNBC)
Pair's Outlook
After experiencing some volatility on Tuesday, the Euro retreated under the 139 major level and stabilised at 138.78. The single currency is likely to resume its bullish trend today and reclaim the 139 psychological level. Moreover, the resistance cluster around 139.20 will doubtfully manage to prevent the EUR/JPY currency pair from advancing, thus, we might see the cross even reach the 140 area. The ceiling for today is the weekly R1 at 140.26, while from below the 20-day SMA should limit any losses. Meanwhile, technical studies retain bullish signals in the short and medium terms.
Traders' Sentiment
The gap between bulls and bears narrowed, as 49% of positions are long. Meanwhile, the share of buy orders edged up from 50 to 70%.
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