EUR/USD to end correction at 1.3423/1.3396

The currency pair is undergoing a bullish correction at the moment and therefore it is not expected to breach important resistances, such as the one at 1.3423/1.3396 that consists of the monthly S1 level and the 100-day SMA. Even if EUR/USD ascends above it, the August high, in conjunction with the up-trend line, should not let the price to rise higher. The support area around the 200-day SMA now seems to be the most likely target.

Being that the market has not been subjected to any significant changes lately, the sentiment of SWFX traders towards EUR/USD remains the same. Right now 51% of open positions are long and 49% are of them are short. A similar situation is observed among the orders, 51% of which are to sell the Euro.