EUR/USD in a standstill

EUR/USD keeps moving sideways below an important supply area around 1.29 created by the three-month down-trend and monthly S2 level. Accordingly, the current bias is to the downside, where the currency pair is supposed to meet the 2013 low (1.2750). And even though the monthly technical indicators are mostly pointing upwards, the Euro is likely to breach this support and move closer to the 2012 low at 1.2050.

Due to complete inactivity of EUR/USD SWFX market participants had no reason to reposition. Consequently, the shares of open long and short positions are the same as yesterday—59 and 41% respectively.