"Eurozone sentiment has improved consistently in recent weeks. The shared currency's rallies have started to ease though, as investors await more evidence that the currency block's economic situation is improving."
— Josh Jeffery (based on Future Currency Forecast)
Pair's outlook
The lack of strong market movers in the morning session has resulted in the European common currency trading in a low range, thus being stranded between the weekly PP at 124.36 and a resistance cluster formed by the upper Bollinger band and the weekly R1 circa 126.16. It is likely that the current indecision of market participants may set the currency lower in the following trading days. Momentum indicators likewise favour this scenario, demonstrating weaker trend signals. However, there is still some upside potential for the Euro to trade higher up to 126.16 prior to reversing to the downside.
Traders' sentiment
Traders remain bearish on the pair, as 56% of open positions are short. In addition, 51% of pending orders are to sell the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -12% | -14% | -14% | |
| Orders | -2% | 2% | 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) | Sell | Sell | Sell | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Sell | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↘ | |