EUR/USD to respect resistance at 1.29

The situation has not developed much since the previous report, and EUR/USD is still considered bearish. The downward-sloping trend-line together with the monthly S2 at 1.29 should keep the bulls at bay, while the bears are expected to push the price towards the 2013 low at 1.2750. Additional supports can be found at 1.27 (monthly S3) and at 1.2650 (2012 Q4 low), but there is a high chance they are going to be violated in the coming weeks.

As EUR/USD exhibits no volatility, there are also no changes in the distribution between the bulls and bears—59 and 41% respectively. On the other hand, the gap between the buy and sell orders narrowed from 34 to 26 percentage points.