© Dukascopy Bank SA
- Nordea Bank AB (based on Bloomberg)
Pair's Outlook
Another day of a weaker Yen caused the given cross to surge more than 200 pips, with resistance being met just under the 116.00 major level in face of the weekly R2 and the monthly PP. With supply here rather strong, the Euro now risks letting the Yen take the upper hand, which would lead to a decline towards the 115.00 mark, that in turn is reinforced by the 20-day SMA. The second closest support rests only at 113.50, but there is no impetus present for a drop that low today. A bullish development is doubtful, as technical indicators are now giving bearish signals, bolstering the possibility of the negative outcome.
Traders' Sentiment
Market sentiment improved again, as the share of bulls grew up to 62% today. At the same time, the number of purchase orders edged down from 67 to 53%.
© Dukascopy Bank SA