"The upbeat Services data, combined with a strong Manufacturing PMI earlier in the week, led the composite PMI to rise from 56.4 to 56.8 last month, indicating that the Eurozone's economic recovery is picking up speed."
— Matthew Andrews (based on Future Currency Forecast)
Pair's Outlook
On Wednesday, the European common currency overcome the March high and the weekly R1, continuing to appreciate against the Yen in this trading session, as well. The pair is restricted to the upside by the weekly R2 and the monthly R1 at 123.90 and 124.07, respectively. Reaching these two resistances would locate the Euro at its highest level since mid-January. It seems that the currency may end this trading week with a close at or slightly below this area, driven by the confidence in the French presidential election on Sunday. Moreover, technical indicators also demonstrate the existence of a strong upward trend.
Traders' Sentiment
Market sentiment is bullish, as 57% of traders are holding long positions. Meanwhile, 59% of pending orders are to sell the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | 14% | -4% | 4% | |
| Orders | -18% | -16% | 4% | |
| 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 | ↗ | ↗ | → | |