EUR/USD forces its way through 1.3661/44

Yesterday EUR/USD spiked through a number of supports, including the 100-day SMA at 1.3618, but at these levels the demand still exceeds the supply, and the currency pair returned back to 1.3661/44. Nevertheless, we expect the downward pressure to overpower defences build by the nearest supports and push the price closer to the monthly S1 at 1.3545.

The share of bullish SWFX market participants remains stable and near the 10-day average value (60.5%) - 62%, being that the exchange rate stays flat. Meanwhile, the traders are building up buy orders near the current price. Right now 55% of orders are to purchase the Euro. Yesterday there were only 40%.