EUR/USD probes monthly PP

EUR/USD did not manage to close a downside gap yesterday, instead at the moment it gravitates towards the monthly pivot point at 1.3815. Additional support is at 1.3789/83, created by the 20 and 55-day SMA. But the currency pair is likely to go lower, in the direction of the up-trend support line at 1.37, even though most of the technical indicators on the weekly and monthly time-frames are pointing upwards.

Although the relative amount of short positions in the market declined, there is still a significant difference between the bulls (34%) and bears (66%) and the sentiment therefore remains bearish towards EUR/USD.