EUR/USD stays in vicinity of 1.3711/04

The risks are presently heavily skewed to the downside, given that EUR/USD is trading just beneath the tough resistance. This supply area is mainly formed by the monthly R1 and February high, but also contains the weekly PP and the 20-day SMA. Nevertheless, at the moment the currency pair remains side-lined—it gravitates towards 1.3711/04 and is refusing to head to the support at 1.3609/1.3597.

The bearish towards EUR/USD sentiment carries on strengthening—the advantage of shorts compared to long has already increased to 24%, which is slightly above the 10-day average of 21%. As for the orders, the distribution between the buy and sell ones remains largely unchanged.