Widening European bond yields in wake of political uncertainty in the euro area likely to keep the single currency subdued.
Latest OpinionWay poll show first-round support for Le Pen rising 1% point to 27%.
Also, renewed Greece default worries after the Euro zone finance ministers failed to reach an agreement on Monday weigh.
Focus remains on the Euro area flash manufacturing PMI reports due on the cards later in the European session.
Technically, bearish bias in the pair intact. Bears eye weekly 50-SMA at 118.80, break below could see test of rising trendline at 116.50.
Support levels - 119.21 (100-DMA), 118.80 (Weekly 50-SMA), 117.73 (200-DMA), 116.50 (trendline)
Resistance levels - 120.50 (5-DMA), 121 (20-DMA & weekly 5-SMA), 122.50 (cloud top)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Neutral Neutral
1D Neutral Neutral
1W Bearish Neutral
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-holds-major-trendline-support-at-11965-bias-lower-good-to-short-rallies-547650) is progressing well.
Recommendation: We recommend holding for downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -65.7588(Bearish), while Hourly JPY Spot Index was at 52.1828 (Slightly bullish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.