"The strength of the economy in Europe is often overlooked because of potential existential risks that threaten the cohesion of the European Union and the European Monetary "
- Jason Schenker (based on Bloomberg)
Pair's Outlook
The US airstrike on Syria early this morning resulted in a sharp plunge for the European common currency, increasing safe-haven demand for the Yen. It is expected that the pair will remain within the bounds of the weekly S1 at 118.07 and the weekly S2 at 117.44 on this trading day, reaching the lowest price level since mid-November. Technical oscillators are gradually approaching the oversold area that could lead to a possible reversal. Likewise, the nearest support formed by the weekly S2, the monthly S1 and the bottom Bollinger may mark a turning point.
Traders' Sentiment
SWFX market sentiment is bullish today, as 65% of open positions are long in this trading session. In addition, 69% of all pending orders are to buy the Euro.
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