© Dukascopy Bank SA
- ING (based on Business Recorder)
Pair's Outlook
Although the Euro appreciated against the Japanese Yen on Friday, as the expected correction was delayed. The pair, however, still failed to maintain trade above the 127.00 major level, whereas today's performance is likely to shift to the bearish side. The nearest support area is located out of reach around 125.70, represented by the weekly and the monthly PPs. A drop that low is doubtful, as strong demand is located at the 126.00 psychological barrier. Meanwhile, technical indicators retain their mixed signals, suggesting a possibility to edge above 127.00 persists.
Traders' Sentiment
Bulls keep losing ground, as 56% of traders are now long the Euro (previously 58%). At the same time, the number of orders to sell the European single currency increased from 60 to 73%.
© Dukascopy Bank SA