EUR/USD struggles at 1.2953

Bearish correction drags on, putting expectations for continuation of a recovery under threat of being shattered. EUR/USD is persistently moving towards an uptrend support line and the 200 day SMA at 1.2802/1.2765. Nevertheless, for now downward momentum is not deemed to be strong enough to violate them, therefore we favour a rebound from there, although the possibility of an alternative scenario may not be ruled out yet.

General sentiment of the market remains negative with respect to EUR/USD, since 61% of positions opened on the pair are short, whereas only 39% of traders support stronger Euro. As for the orders, 55% of them are to buy the single currency and 45% are to sell it against the U.S. Dollar.