EUR/USD keeps targeting 200-day SMA

EUR/USD recovered from the 1.11 mark on Monday, after shortly touching the major support represented by the 200-day SMA down there. Over the session the pair gained about 25 pips overall; however, we foresee more weakness in the upcoming future. EUR/USD will highly likely face some downside momentum generated by the weekly pivot at 1.1155, which is immediately succeeded by the sharp May downtrend and the 100-day SMA. Just a close above all of them will refresh the possibility of a spike back to the 1.12 area. Daily technical indicators continue backing the Euro's losses.

Yesterday the portion of the bulls slipped to 49% from 51% and the lead was again overtaken by those market participants who are willing to get rid of the European currency.