EUR/USD testing Fibo 61.8%

Pair started the week with a clear intention to inch up higher, but did not manage to breach Fibo 61.8% (mid-June start of July move). This short term strength is indicated by the technical indicators. Most likely failure point, indicated by the medium and long term technicals, is at 1.33. Short term rallies should be capped by this level; dips should find support with 1.30. 

 

Situation in the market remains exactly the same as in the end of the last week—54% of traders remain bearish on the pair; 56% of all pending orders are set to buy the single currency against the greenback.