EUR/USD to remain under bearish pressure

After penetrating the seven-month downtrend line, the EUR/USD currency pair is going to remain under bearish pressure, even though it showed some gains yesterday. A revival failed to send the cross above 1.10, where it should have met the monthly S1 at 1.1022 and the downtrend itself around 1.1060. Therefore, any further rallies are expected to remain tepid and unsustainable. In addition, a close below the 1.0870 support level (monthly S2/weekly S1) and next demand at 1.0819/08 is necessary, in order to confirm negative trend of EUR/USD. Weekly and daily indicators keep mixed views on the matter.

Share of bullish open positions rose from  52% to 54% in the SWFX market, while 100-pip long pending orders now account for 52%.