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- Credit Agricole (based on Business Recorder)
Pair's Outlook
The European currency failed to meet expectations, as it remained flat, despite rather volatile trade on Tuesday. Nevertheless, the Euro is still likely to edge higher today. The immediate resistance cluster, represented by the 20 and 200-day SMAs, shifted a few pips lower, now around 136.30. Furthermore, the 136.00 major level is also not out of the game and could cause the cross to stabilise around it. Technical indicators, on the other hand, keep giving bearish signals, although not as strong as yesterday.
Traders' Sentiment
Bulls and bears held their positions over the day, as 48% of traders are still long the single currency. However, the share of orders to acquire the Euro now accounts for only 42% (previously 75%).
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