© Dukascopy Bank SA
- Societe Generale (based on FXStreet)
Pair's Outlook
The Euro surprised with its performance on Monday, having retreated from its intraday high against the Yen and ended the day in the red zone. However, the pair managed to retain its positions above the immediate support, the weekly PP and the monthly S1 cluster, which could still turn the tide for the given cross. Meanwhile, technical indicators are in favour of a less positive scenario, suggesting the single currency could once again fall under the 120.00 level if the immediate support is pierced. In case the 120.00 threshold fails to provide sufficient support for a recovery, the next target will become the 119.45 level, where the Bollinger band coincides with the weekly S1.
Traders' Sentiment
Today 57% of all open positions are long, just 1% point less in comparison to Friday. The share of buy orders surged from 52 to 54%.
© Dukascopy Bank SA