EUR/USD puts pressure on 1.3350

EUR/USD is currently eroding the weekly S1 at 1.3350, a breach of which is expected to lead to a test of the 2013 Q4 low at 1.33. If the bears continue pushing the price South even then, despite the monthly indicators being against a rise of the price, the sell-off may extend through the monthly pivots towards the 2013 Sep low at 1.31. In the meantime, any rallies should be stopped at 1.35, where the down-trend merges with the monthly PP and 55-day SMA.

Just like there is no significant difference between the numbers of long (54%) and short (46%) positions, the gap between the commands placed to buy (46%) and to sell (54%) is also negligible at the moment.