EUR/USD trims gains

As soon as the pair approached the falling resistance line, it came under strong selling pressure that drove the price away, proving that it is not yet ready for a change of the current downward course. Accordingly, a contact with 1.27 is viewed as a high probability event that in many ways should define further development, though the pair is likely to remain bearish.

Yesterday's dip did not introduce any changes into the sentiment of the market. In aggregate traders stay neutral with respect to EUR/USD, since the share of long positions remains at 47%. As for the orders, the market participants have placed more orders to buy the single European currency than to sell it, their portion is 54% at the moment.