EUR/USD steps back from 2012 high

EUR/USD has just touched upon a 2012 year high at 1.3485, but until now there is no strong bearish reaction, implying noteworthy bullish potential the pair still retains. Nonetheless, downward correction is expected. The dip could extend to 1.3402/1.3373 or 1.3326/1.3297, while a further decline is unlikely, considering the proximity of the rising support line that holds since the end of July.

This currency pair is oversold, being that 67% of presently opened positions are short and only 33% of them are long, meaning that most of the SWFX market participants expect the Euro to depreciate. As for the orders, 51% of them are buy and 49% are sell.