EUR/USD decreases towards the 55-day SMA

Data from China created negative sentiments in the market and traders became more risk averse, meaning that the major currency pair continues to decrease from a previous week high at 1.3138. EUR/USD is traded at the weekly pivot point level at 1.3068 and it is very possible that bearish pressure will push the price till the major support at 1.3055, where the 55-day and 200-day SMAs merge with the monthly R1.

Bears remain in the lead, as 55% of opened positions are short, indicating expectations that an upside movement of the Euro is exhausted. Waiting orders market exhibits bullish exposure, as 56% of orders are buy.