Well that's odd... no wait, that's even!
CJam, 18 17 13 bytes

Thanks to aditsu for saving 4 bytes.

qW:O%eu~"eo"=


Try the test suite here. (The test suite is too long for the permalink. Just copy them from the challenge spec.)

Explanation

q     e# Read the input.
W:O   e# Push a -1 and store it in variable O.
%     e# Use the -1 to reverse the string, because CJam's stack-based nature and the
      e# commutativity of the operators means we can evaluate the code in postfix notation.
eu    e# Convert the string to upper case, turning 'e' into 'E' (a variable with even value
      e# 14) and 'o' into 'O' (which we've stored the odd value -1 in).
~     e# Evaluate the string as CJam code, leaving the result on the stack.
"eo"= e# Use the result as an index into the string "eo". CJam's indexing is cyclic so it
      e# automatically takes inputs modulo 2. Negative indices also work as expected.