"Amid underlying risk-off theme in Europe, the shared currency received an additional boost from Merkel comments, citing euro is ‘too weak' and hence, makes German products cheaper."
— Dhwani Mehta (based on FX Street)
Pair's outlook
[ANNOUNCE] Upside risks have prevailed in this trading session and, in particular, mid-day when EUR/JPY accelerated its momentum upwards. [/ANNOUNCE] The European common currency opened at the weekly PP and has since continued to trade higher towards the closest resistance cluster formed by the upper Bollinger band and a wedge boundary at 126.07. It is likely that bulls prevail in this session, closing near the 125.00/30 mark. Technical indicators remain bullish on the pair, suggesting that the Euro may still trade higher this week up to the previously-mentioned 126.07 level.
Traders' sentiment
Traders have increased their bearish sentiment today, as 57% of open positions are short. Meanwhile, 53% of set up orders are to buy the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -14% | -2% | -28% | |
| Orders | 6% | 16% | 12% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Neutral | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Sell | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | → | |