- Commerzbank (based on Reuters)
Due to the Yen weakening by the end of the day yesterday, the Euro managed to retreat from its intraday losses and close trade in the green zone with a five-pip jump. The Euro is currently taking advantage of this Yen weakness, attempting to climb higher and retake the 124.00 major level. However, this area is reinforced by the weekly S1 and the monthly S2, meaning that the bullish momentum could be reversed. Furthermore, technical studies retain their bearish signals, suggesting that the weekly S2 at 123.00 might once again be put to the test.
Bulls take up 59% of the market, compared to 56% on Wednesday. Meanwhile, the share of sell orders dropped down from 71 to 62%.