© Dukascopy Bank SA
- UBS (based on CNBC)
Pair's Outlook
Since the Euro received a bullish impetus from the monthly S2 and weekly S1 at 136.46/42 it is challenging the major level at 137. And even though we expect the 18-nation currency to outperform the Yen we are doubtful that the pair could break the weekly PP and monthly S1 at 137.44/59 in the near term. Also the shorter term technical studies suggest that we will see a sideways movement or even slight depreciation.
Traders' Sentiment
After jumping to 65% yesterday the pair's bullish sentiment fell back down to around 46%. The gap between the buy (43%) and sell (57%) orders placed 100 pips from the spot is also very similar to the situation with the overall sentiment for now.
© Dukascopy Bank SA