EUR/USD fails to consolidate above the 200-day SMA

Pair did not manage to advance above the Fibo 61.8% (mid-June till start of July sell off). It pushed the pair lower and at the moment it is trading slightly below the 200-day SMA which is located at 1.3114. From these developments, together with the readings of short to medium term technicals, we could say that pair is likely to remain in similar range it has been for the past 6 trading days. Rallies should be capped by the Fibo 61.8%; dips should find support in the 1.305/1.300 area.

 

Bullishness is creeping in to the market. 54% of open positions remain controlled by the bears. However, 58% of pending orders (4% more than yesterday) are set to sell the single currency against the greenback.