© Dukascopy Bank SA
- ABN Amro Bank (based on Bloomberg)
Pair's Outlook
The common European currency surged against the Japanese Yen and traded above the 116.00 mark on Monday. Previously, on Friday the currency exchange rate faced risk of falling below the 116.00 level. The rate did fall below the before mentioned level, however, the pair rebounded after touching the 115.30 level and ended the day's trading session above the 50.00% Fibonacci retracement level, which is located at 115.83. The rate is likely to continue its way higher, as daily aggregate technical indicators forecast a jump of the pair.
Traders' Sentiment
SWFX traders remain bullish, as 61% of open positons are long. Meanwhile, trader set up orders have become almost neutral, as 51% pending commands are to buy, compared to 75% on Friday.
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