EUR/USD fails to overcome weekly PP

EUR/USD attempted to push itself below the weekly pivot point and monthly R1 around 1.09 on Wednesday. However, the bulls were strong enough in order to avoid a decline under this psychological level. Thursday is expected to be spent in a light trading around the 55-day SMA, currently at 1.0922, even though the market will be fully open throughout the whole day. Trading volumes continued to drop yesterday and reached the lowest level since November 26.  

The short traders are holding the majority (56%) of all trades, no swing in favour of the either side since yesterday. As for the commands, 51% and 54% of them are set to sell the Euro versus the Greenback in 50 and 100-pip ranges from the current market price, correspondingly.