EUR/USD returns to up-trend

As expected, the support, created by the weekly PP and the 55-day SMA, proved to be unable to withstand the selling pressure, and the currency pair tripped to the long-term up-trend line. And even though the demand here continues to underpin the Euro, it is expected to be breached in the nearest future, whereas the key resistance at 1.3796/74 should remain intact.

Although EUR/USD moved lower yesterday, the share of the sell orders placed on the pair 50 pips around the spot notably increased—from 41% up to 62%. Meanwhile, the ratio between the long and short positions stays more or less the same as before—41% to 58% respectively.