© Dukascopy Bank SA
- Rabobank (based on FXStreet)
Pair's Outlook
Once again the European single currency managed to post gains, outperforming the Japanese Yen yesterday, but remaining below the 118.00 level for now. The immediate resistance remains strong today as well, represented not only by the ascending channel's upper trend-line, but also the Bollinger band, the weekly R1 and the monthly R2. The EUR/JPY cross is likely to have difficulties overcoming this obstacle, as technical indicators retain mixed signals, suggesting a bearish outcome is possible. The nearest supply area is expected to trigger some Euro-selling, thus, preserving the channel pattern and putting the 61.80% Fibo at 117.30 to another test.
Traders' Sentiment
Market sentiment turned bullish once again, as 58% of traders are now long the Euro. The share of buy orders, however, slid from 51 to 46%.
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