EUR/USD backed by 100-day SMA

Although the support at 1.3733/1.3680 is not letting the sell-off to carry on, EUR/USD at the same time is failing to gain a bullish momentum in order to leave this area. Still, as suggested by the weekly and monthly technical indicators, eventually the price is going to advance north. Then it will initially encounter the weekly PP at 1.3777 and the weekly R1 at 1.3850 afterwards.

The bearish with respect to the Euro sentiment has somewhat weakened, but the short positions remain in a distinct majority over the long ones, as they take up as much as 64% of the market. In the meantime, the share of sell orders declined from 60% down to 55% 100 pips from the spot price.