"Incoming data confirm that the cyclical recovery of the euro are economy is becoming increasingly solid and that downside risks have further diminished. Nevertheless, it is too early to declare success."
— Mario Draghi, ECB President (based on 4-traders)
Pair's outlook
The monthly R1 at 124.07 has stopped the Euro from appreciating on two occasions in the past four trading days, demonstrating that the weakened bulls have set the pair for a minor motion sideways, contrary to the strong move north in force since mid-April. This could result in the price retracing back to the upper wedge at 121.71/62 in the longer term. However, this move needs confirmation, as the pair still has to overcome two support levels along the way—the weekly PP and S1 at 123.13 and 122.20, respectively. The hourly chart suggests that the 123.50 mark should stop the pair's losses today and may even allay the Euro up to a close slightly below its opening level.
Traders' sentiment
Market sentiment has diminished today, as 62% of traders are holding short positions. Meanwhile, 54% of pending orders are to buy the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -24% | -2% | -16% | |
| Orders | 8% | 6% | 8% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Sell | |
| RSI (14) | Sell | 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 | ↗ | ↗ | → | |