EUR/USD restrained by falling resistance line

EUR/USD is still struggling to overcome the resistance at 1.3642, which consists of the 55-day SMA and one-month falling trend line, even though the price seems to be well-supported by the monthly pivot point. If it is eventually breached, the currency pair will then be able to test the monthly R1 at 1.3678 to see whether it is going to come in contact with the main supply area at 1.3744/33 later on.

Most of the SWFX traders continue to expect debasement of the single European currency—64% of open positions are currently short on EUR/USD. As for the pending orders placed 100 pips up and down from the spot, slightly more than seven out of ten are to sell the Euro against the U.S. Dollar.