EUR/USD forces its way through 1.3823/15

EUR/USD is still struggling to decouple from the monthly pivot point, as it is apparently facing tough resistance. However, if 1.3823/15 is broken, there will be no significant levels until 1.39, which is supposed to be a ceiling for the currency pair, even though both the short and long-term technical indicators are pointing upwards. After the test of the down-trend, the Euro is expected to come under strong selling pressure, which could then alleviate near 1.37.

SWFX market participants largely stick to the view that the common currency is going to depreciate—65% of open positions are short. At the same time, the share of sell orders is on the rise—it increased from 60% up to 64%.