"The euro came under pressure on dovish comments from European Central Bank President Mario Draghi. The yen was supported by general risk off sentiment in the markets today."
— XM (based on Investing.com)
Pair's outlook
The European common currency opened this trading session slightly below the 20-day SMA at 124.28. This resistance, however, could not be breached, thus turning the pair south. Downside risks have pushed the rate through the monthly R1 and the weekly S1 at 124.07 and 123.82, respectively, with little hindrance, suggesting that it might remain below the given levels. The next support is formed by the weekly S2 at 123.13; however, this target may be considered too far away. Thus, the rate is expected to fluctuate near the 123.66 level where the bottom boundary of a near-term range is located. In case the Euro turns to the upside, it should not go beyond 124.50.
Traders' sentiment
There are 60% of traders holding short positions today. Meanwhile, 56% of pending orders are to buy the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -18% | -24% | -18% | |
| Orders | -22% | 6% | -6% | |
| 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 | Sell | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Sell | |
| SAR (0.02; 0.2) | Sell | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↘ | |