EUR/USD still unable to violate 1.1260

There have been four attempts to breach the 1.1260 mark (50% retracement) since Sep 24. However, all of them turned to be unsuccessful so far. Despite this fact, a decline of the Euro is also unlikely due to a dense cluster of nearby supports at 1.1160/22. Meanwhile, 55-day SMA has finally crossed the 200-day SMA, which implies a major swing in sentiment among market participants to the positive side. However, unless 1.1260 or 1.1122 levels are penetrated, the neutral outlook will remain largely intact with respect to EUR/USD.

Distribution between bulls and bears is neutral on Tuesday morning. Alongside, the portion of long pending orders in 100-pip range from the spot increased from 43% to 50% in the past 24 hours.