EUR/USD pushes through 100-day SMA

As the 55-day SMA failed to underpin the pair, now it is 100-day SMA's turn to try to prevent further depreciation of the Euro. However, if this is not the case, the next significant support EUR/USD is going to encounter will be standing 100 pips to the South, where the weekly S2 level merges with the 200-day SMA. Given that the weekly and monthly technical indicators are bullish, there is a good chance the price will recover from there.

The SWFX traders are getting less and less convinced that the Euro is going to fall relative to the U.S. Dollar; but overall the bears are still in a distinct majority, as they take up 59% of the market, and this is a significant advantage over the bulls (41%).