EUR/USD falls through 200-day SMA

EUR/USD has finally exited the narrow trading range by closing beneath the 200-day SMA. Accordingly, the decline is likely to extend further from here, especially considering that most of the daily technical indicators are currently bearish. In the coming weeks the pair is likely to aim for the weekly and monthly S2 at 1.3582, while in the long term it could even try to reach the 2013 lows at 1.28, as the Euro has recently broken out of the rising wedge.

The difference between the amounts of long (47%) and short (53%) positions remains negligible, meaning the sentiment is still neutral. The gap between the buy (45%) and sell (55%) orders placed 100 pips from the spot is also insignificant for now.