EUR/USD preserves bearish momentum

As it turned out last week, the 2013 low was unable to prevent the Euro from further depreciation. As a result, EUR/USD is now testing the support at 1.2650, represented by the 2012 Q4 low. If there is a rebound from here, it is likely to be stopped by 1.2750, where the last year's main trough coincides with a two-month down-trend. But regardless of the near-term fluctuations, the 2012 low at 1.2050 will be considered the primary target in the long run.

Just as last week, most of the SWFX market participants are bullish with respect to EUR/USD, namely 62% of them. As for the orders issued, 35% of them are to buy and 65% are to sell the European currency against the Buck.