Note: This section contains information in English only."A close above 116.29/37 would imply that the cross has based short term. Note that it traded above its daily cloud for the first time in 14 months last week. This is bullish behaviour."
– Commerzbank (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The European single currency underwent the anticipated correction on Friday, falling even below the main target of 115.41.[/ANNOUNCE] However, volatility was unable to stretch out beyond the 115.00 major level, thus, another leg down is unlikely. Furthermore, technical indicators keep giving bullish signals in the daily timeframe, suggesting the EUR/JPY cross is to strengthen today. The 100-day SMA and the 50% Fibo form resistance around 115.82, preventing the pair from inching higher. At the same time, the weekly PP at 115.07 represents immediate support, being the lower border of today's trading range. The base case scenario is a close around 115.30.
Traders' Sentiment
Today 62% of traders hold long positions, compared to 64% last Friday. Meanwhile, the portion of buy orders dropped from 61 to 51%.
Mon, 10 Oct 2016 13:14:34 GMT
Source: Dukascopy Bank SA
– Commerzbank (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The European single currency underwent the anticipated correction on Friday, falling even below the main target of 115.41.[/ANNOUNCE] However, volatility was unable to stretch out beyond the 115.00 major level, thus, another leg down is unlikely. Furthermore, technical indicators keep giving bullish signals in the daily timeframe, suggesting the EUR/JPY cross is to strengthen today. The 100-day SMA and the 50% Fibo form resistance around 115.82, preventing the pair from inching higher. At the same time, the weekly PP at 115.07 represents immediate support, being the lower border of today's trading range. The base case scenario is a close around 115.30.
Traders' Sentiment
Today 62% of traders hold long positions, compared to 64% last Friday. Meanwhile, the portion of buy orders dropped from 61 to 51%.