EUR/USD targets 1.33

Trading was quiet yesterday, as the weekly pivot point kept EUR/USD afloat. But the currency pair is likely to breach the support at 1.3413 and head towards the 2013 Q4 low near 1.33, as implied by the daily and weekly technical indicators. In case the single European currency refuses to decline immediately, the supply at 1.35 is supposed to be enough to negate any potential bullish momentum and force the price to turn around.

The distribution between the bulls and bears is virtually unchanged since the last report—53 and 47% respectively. Meanwhile, the share of sell orders placed 100 pips from the spot price declined from 67 to 60%.