EUR/USD fails at 1.3845/31

Although the support near 1.38 did in fact prevent further depreciation of the Euro last week, for now the currency still remains unable to restore an upward momentum. At the moment it is struggling to breach a weak resistance at 1.3845/31, but is required to firmly close above the tough up-trend line at 1.3923/13 in order to confirm its long-term bullish intentions.

The share of the bearish market participants did not continue falling but stabilised at 66%, as most of the traders consider the single European currency to be overvalued. In the meantime, there is a growing number of sell orders placed on EUR/USD. Their share went up from 50% to 58%.