"We are staying mildly bullish in the cross."
— ActionForex (based on Investing.com)
Pair's outlook
Tuesday's strong downside momentum lost its strength in the evening, closing at the psychologically-significant 124.00 level. Today, the first trading hours demonstrated that a resistance at 124.07 was easily breached, setting the 20-day SMA at 124.37 as a more probable upside limit. Thus, the area between the 20-day SMA and the monthly R1 should strand the exchange rate, seeing a bounce off the 124.40 mark. It could be mentioned that technical oscillators were approaching the oversold area prior to being turned to the upside today. This might signal that further downside potential is possible in the upcoming days, as a test of the bottom range boundary at 123.66 is likely.
Traders' sentiment
Market sentiment is bearish today, as 57% of open positions are short. Additionally, 52% of pending orders are to sell the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -14% | -20% | -18% | |
| Orders | -4% | 12% | -22% | |
| 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 | ↗ | ↗ | ↘ | |