EUR/USD spikes down

The common European currency has been traded in a very narrow channel between 1.28 and 1.29 benchmarks few recent weeks. Even though speculation about a possible tightening of the U.S. quantitative easing failed, investors still talk about the improving U.S. economy and demonstrate preference to purchase the U.S. Dollar. Today the pair made a spike down, below the weekly PP at 1.2918, and sooner or later it will continue this movement, while the closest supports are at 1.2837, the weekly S1, and at 1.2780, the Bollinger band.

Bears are in the control of SWFX market today, as 55% of opened positions are short. Pending orders market has a small bearish advantage, as 54% of orders are sell ones.