- IG Securities (based on WBP Online)
The cross extended its rally for the second day, although the gains were limited by the 20-day SMA. The Euro appears to be on the path of recovery, as it has been generally rising since Mar 15. The technical studies are emitting bearish signals, bolstering a negative outcome for the common currency, despite mostly strong fundamental data releases today. The support level now rests around 129.84, represented by the monthly S2.
Although not as strong as yesterday, but the market sentiment among SWFX participants remains bullish, as 56% of traders are long the Euro. Meanwhile, among the orders the sell ones prevail, as they take up 59% of all the commands placed around the spot.