EUR/USD closes beneath key up-trend

Not only did the single European currency breach the key support at 1.3610, but it also closed beneath the monthly S1, thereby reaffirming its long-term bearish intentions. The next important for EUR/USD target is the 200-day SMA, even though there are only a few technical indicators that are currently in favour of a sell-off, warning that the decline may not be sharp.

The gap between the shares of bullish and bearish with respect to EUR/USD traders has narrowed since the previous report, being that the former now constitute 43% and the latter 57% of the SWFX market. Meanwhile, the share of buy orders placed on the pair surged from 33% up to 68%.