EUR/USD is inclined to fall

Despite the proximity to a formidable resistance area represented by the long-term down-trend, EUR/USD still refuses to leave the vicinity of 1.3760 and challenge the monthly R1 at 1.3678. If this support is breached, there will be a good chance that in the long run the currency pair will be able to reach 1.34, regardless of the obstacles that will be in its way, such as the 200-day SMA at 1.35.

The market continues to doubt the ability of the common currency to gain value relative to the U.S. Dollar further—66% of traders opened short positions in the hope of profiting from Euro's depreciation. Even more so, they are currently building up sell orders near the spot.