EUR/USD erodes 1.3660/44

At the moment EUR/USD is facing the 55-day SMA and the up-trend support line, both of which have proven to be able to influence direction of the currency pair to a large extent. Accordingly, it may take some time before this demand area is broken, but eventually the Euro is expected to push through 1.3660/44 and target the 100-day SMA, then the monthly S1 at 1.3545.

While the ratio between the amounts of bullish (38%) and bearish (62%) market participants remains more or less the same, the share of sell orders is decreasing, considering that EUR/USD is grinding lower and thereby is leaving the supply zone, their percentage fell from 70% down to 60%.