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– MUFG (based on FXStreet)
Pair's Outlook
The European single currency managed to completely erase Wednesday's losses, but only for a moment, having closed just under the 113.00 level. Another recovery attempt is to be made, but the resistance area at 113.35, formed by the weekly and the monthly S1s, is to either limit the gains or cause bears to take over. The nearest support, however, located around 112.55 and represented by the weekly S2, the Bollinger band and the 23.60% Fibo, proved to be unreliable previously, thus, a fall to 112.00 is not out of the question. Technical indicators are unable to confirm either scenario, as they retain mixed signals.
Traders' Sentiment
Bullish sentiment remains unchanged at 66% today, whereas the share of purchase orders added 24% points, having risen to 55%.
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