- Credit Agricole (based on CNBC)
On Monday, the Euro appreciated against the Japanese Yen after finding support in face of the weekly PP. In turn, the pivot point caused the cross to rebound and almost reach the weekly R1 at 140.72. The 140 major level, however, has limited the gains yesterday. The single currency is already suffering serious losses, despite all fundamentals exceeding expectations to the upside. The immediate support cluster is failing to stop the fall, thus, we might see a drop down to the weekly S1 at 138.19. Meanwhile, technical studies are giving mixed signals in the daily timeframe.
Market sentiment has reached a perfect equilibrium, while the sell orders dominate the market with 84%.