EUR/USD backs off from 1.35

EUR/USD turned around after approaching 1.35, and it is now moving towards the weekly PP and 20-day SMA at 1.3609. If this resistance fails to halt the bullish correction, the next potential reversal point is considered to be near 1.37—the current location of the 200-day SMA. There the currency pair will be in a good position to launch yet another attack on the monthly S1 and 2014 low at 1.3481/75.

The market is neutral with respect to EUR/USD on the side of the open positions and pending orders, as there is still no significant difference spotted between the opposing camps, at the moment the gaps are less than 10 percentage points.