EUR/USD remains underpinned by up-trend

Although at some point yesterday it seemed that the rising trend-line (in force since mid-May) may be breached, the support managed to weather the selling pressure and sent the currency pair towards the weekly PP at 1.3549. In case this resistance is overcome, EUR/USD will have a good possibility to test 1.3711, which in turn is highly unlikely to let the pair advance beyond it.

From the perspective of the sentiment towards EUR/USD, such a major event as the U.S. averting a default has gone completely unnoticed, being that the distribution between the long and short positions has been hardly affected by it. Currently 38% of traders are bullish and 62% are bearish on the pair.