EUR/USD to approach weekly/monthly PPs

EUR/USD posted a considerable 80-pip decrease in value on May 6, but no major technical levels were breached. This is because the closest demand is placed as low as 1.1376, namely the weekly/monthly pivot points and 20-day SMA. However, if bearish pressure persists throughout Friday, then the pair is likely to try and tackle this area. Success here would expose the second support for today, the weekly and monthly S1s at 1.1288. On the other hand, daily technical indicators are pointing to the upside, but we are not expecting a climb as high as the closest resistance at 1.1538 (weekly/monthly R1s).

At the moment 46% of SWFX market participants are expecting that the pair will rebound, up from only 41% yesterday. Alongside, pending orders remain little changed and mainly neutral.