© Dukascopy Bank
"The euro zone situation is slowly flaring up again, and that can have some people second-guessing how many euros they want to hold"
- 4cast Ltd (based on CNBC)
Industry outlook
For now the currency couple should be capped by a downtrend resistance line until 104.24/103.50 is reached, where recovery is likely to commence. Near-term rallies are to be contained by 107.10, 107.35 and 108.43.
Traders' sentiment
The ratio of long positions to short ones has changed considerably since the last week's report, being 47% to 53%, accordingly.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 106.67, followed by R2 and R3 at 107.57 and 108.05, respectively.
Short position opened
Key support for EUR/JPY intraday trading is situated at 105.29. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 104.81 and 103.91.
© Dukascopy Bank