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– BBH (based on FXStreet)
Pair's Outlook
Monday ended with the European single currency completely erasing its bullish gap. Nevertheless, the pair returned within the range of its previous consolidation trend, but risks of the upper border getting broken are now higher, with the 20-day SMA acting as the immediate resistance level. Despite that, technical indicators suggest the Euro is to weaken against the Yen again today. The weekly pivot point at 113.28 is the closest support now, but the 113.00 mark remains the key psychological support. Furthermore, in case of a breach of the 113.00 level, the next target will be the cluster around 112.60, represented by the weekly S1 and the 23.60% Fibo.
Traders' Sentiment
Now 62% of traders hold long positions (previously 64%). At the same time, the number of buy orders inched down from 67 to 55%.
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