EUR/USD closes in on 1.3831/00

EUR/USD continues to slowly grind higher, even though it is highly unlikely to pass through the nearest and at the same time one of the strongest resistances at 1.3831/00. Therefore we expect the currency pair to turn around in the foreseeable future and start targeting supports, such as the one at 1.3520/01, where the monthly pivot point merges with the 200-day SMA.

The sentiment of the SWFX market participants remains moderately bearish—60% of open positions are short, even though the overall level of the U.S. Dollar's of popularity is currently on the decline. Meanwhile, the share of buy orders increased from 51% to 54%.