EUR/USD steps back from 1.3923

At the moment EUR/USD stands 50 pips away from the monthly R1 and struggles to extend Thursday's rally. Accordingly, the currency pair may fall down to 1.3800/1.3751 from here, but nonetheless will preserve a bullish outlook in the longer term. However, if this support fails to initiate an up-move, a chance that the Euro will continue to decline until the 200-day SMA will significantly increase.

Just as yesterday, the bears continue to dominate the market, since they take up as much as 68% of it, leaving the bulls in a distinct minority with 32%. The distribution between the buy and sell orders also seems to remain relatively stable—100 pips from the spot price their shares are 45% and 55% respectively.