EUR/USD retreats after approaching 1.13 yesterday

Bulls were successful in pushing the EUR/USD up to 1.13 on Thursday as they managed to breach both monthly pivot point and 50% Fibonacci retracement of the Jul-Aug uptrend. However, fundamentals in face of Janet Yellen's speech were favouring an appreciation of the Dollar. As a result, the pair dipped considerably and now it is nearing the 1.1154 (61.8% retracement) mark. In case the 55-day SMA at 1.1124 is violated, the Aug 18-19 lows at 1.1015 will be back in the picture. Meanwhile, at the moment daily indicators are also giving bearish signals.

For a third day in a row bulls and bears are holding 54% and 46% of all trades, respectively. Meanwhile, the portion of bullish pending orders in 100-pip range from the spot is also stable at 36%.