EUR/USD remains under pressure

EUR/USD continues to consolidate after testing a down-trend support line that can be drawn by connecting the most recent troughs. And even though there was a possibility of a rally up to the 100-day SMA, the currency pair appears to be heavier than initially estimated, meaning it is likely to stay in the vicinity of the important support at 1.3444, specifically the 200-day SMA.

SWFX market participants are almost equally divided in their views regarding future direction of the currency pair—48% of open positions are long and 52% are short. Meanwhile, a substantial majority of pending orders are set to short sell the Euro against the U.S. Dollar.