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- RBC Capital Markets (based on Reuters)
Pair's Outlook
The risk-off sentiment was the main driver on Monday, causing the European single currency to suffer relatively serious losses against the Japanese Yen, registering the largest decline in at least seven weeks. Today the Euro has a chance to partially erase yesterday's losses, as technical studies now suggest the given cross is to edge higher. As a result, the pair could retake the 122.00 handle, but not without struggle, as a group of resistances on the Euro's path could prevent that from happening. In case the pair overperforms, the next target will be the weekly PP at 122.54.
Traders' Sentiment
Bulls are barely outnumbering the bears, as 51% of all open positions are now long (previously 60%). At the same time, the share of sell orders declined rather dramatically, namely from 74 to 51%.
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