EUR/USD gravitates towards 1.3837/1.3800

Despite a recent test of the major falling resistance line, which should have entailed a massive sell-off, EUR/USD remains well-underpinned by the supports at 1.3747 and 1.3711/1.3664. Moreover, most of the daily technical indicators are pointing upwards, meaning the supply area between 1.3837 and 1.3800 is likely to stay under bullish pressure.

The ratio between the long and short open positions stays the same as yesterday, namely 40% to 60%, meaning the majority of traders expect a decline in the value of the single European currency. As for the orders placed, there is almost no difference between the amounts of buy (51%) and sell (49%) ones.