EUR/USD plunges to 1.29

As a rhetoric of the ECB turned out to be more dovish than expected, EUR/USD plummeted more than 200 pips yesterday. Neither the support at 1.31, represented by the 2013 Sep low, nor the demand at 1.30 (monthly S1 and weekly S3) were able to stop the bears. Right now the pair is probing the monthly S2 at 1.29, but will most likely keep on falling, presumably down to the last year's low at 1.2750.

The bullish sentiment with respect to the Euro has somewhat strengthened since the last report, being that the percentage of longs has risen from 58 to 60%. As for the orders, the sell ones are in a majority with a 62% share.