"The fact that we are seeing reasonably good data on output and unemployment, that is nice, it is helpful, but the core of it is how much of it is going to map into sustainable inflation."
— Philip Lane, ECB (based on Reuters)
Pair's outlook
As apparent on the hourly chart, the pair have been trading in the 123.59/124.41 range since Monday. The lower boundary was breached today; however, the price managed to re-enter the given range. Currently, bulls have taken the upper hand, pushing the price closer to the monthly R1 at 124.07. It should be expected that upside risks prevail in the remaining trading session, as well. In addition, intraday indicators demonstrate that the pair might edge slightly lower, resulting in a close near the 123.80 area. The outlook for the following week favours the Euro trading south and approaching the upper boundary of the intermediate wedge pattern.
Traders' sentiment
Today, 62% of open positions are short (previously 60%). Moreover, 58% of pending orders are to buy the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -24% | -20% | -24% | |
| Orders | 16% | 6% | 8% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Sell | |
| RSI (14) | Sell | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Buy | 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 | ↑ | ↗ | → | |