EUR/USD plummets to a new low

The major currency pair was moving very confident above the 20-day SMA at 1.2978 yesterday, but as London trading session opened, the price sharply dropped, reaching the lower Bollinger band at 1.2852 and setting a new low at 1.2830. If the main aim of this movement was not only to wipe out traders, breaking stop losses just beneath a previous low, than EUR/USD should slip to a 1.2815 level, where the monthly S1 and 423.6% Fibonacci are located.

Bulls take the lead in the pair, as the buy side enlarged its share over a 50% benchmark and amounts to 52%. Pending orders segment delivers only marginal changes, as the majority of orders remain on a bearish side, having a 57% share.