EUR/USD supported by the weekly S1

Pair received a bearish impetus from the 55 and 200-day SMAs  close to 1.31, dipped by almost 100 pips (breaching major support at 1.30) and at the moment is trading slightly above the weekly S1. Technical indicators on aggregate point at further depreciation of the pair. However, as sentiment of market participants has not yet sunk in the pair might trade sideways for some time. Short term sell offs and rallies should be capped by the 1.290 and 1.307 respectively.

 

Distribution of pending orders remain in favor for the bears. They have posted 54% of all pending orders, the same as yesterday. However, bears lost a decent chunk of the market and at the moment both, the bulls and the bears, hold almost equal number of open positions on the pair.