- Rabobank (based on CNBC)
After a rather sharp decline the Euro managed to regain some ground, but was unable to breach the weekly S1 at 133.86. Although the gains were insignificant, they might be erased already this Monday. Technical studies suggest the Euro will appreciate against the Yen in the short run; however, a strong resistance cluster around 134.30 is on the way. Longer time frames indicate a plunge in the EUR/JPY cross, as the weekly technical arrow is pointing directly south.
The share of bulls and bears is close to equilibrium today, and only a slight majority of traders (51%) has a negative outlook toward the Euro. At the same time, the number of buy orders slid down to 36%.