"The euro is under downward pressure as euro longs unwound their positions, especially in the crosses to reflect the result of the election."
— Jerome Fourquet, Ifop (based on Bloomberg)
Pair's outlook
Friday ended with a sixth consecutive rally of Euro versus the Yen, but with the monthly R1 providing sufficient resistance, thus, limiting the gains. The given cross opened with a small bullish gap today, caused by the result of the French presidential election. Nevertheless, the Euro's polarity quickly shifted, allowing the Yen to take the upper hand, with the nearest area to limit the losses located around 123.00, formed by the 200-day SMA and the weekly PP. Technical indicators, on the other hand, are giving bullish signals today, unable to confirm the possibility of the positive outcome, but implying that the Euro could still stabilise above 124.00.
Traders' sentiment
Market sentiment remains bearish, with 58% of all open positions being short. The share of purchase orders edged higher from 45 to 54%.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -16% | -8% | 14% | |
| Orders | 8% | -10% | -18% | |
| 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) | Sell | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Sell | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | → | |