EUR/USD bounces off weekly PP

The currency pair proved to be unable to sustain a rally that was started after the weekend, as the Euro turned around and erased Monday's gains once it hit the weekly pivot point. Now EUR/USD is likely to move deeper, through the monthly S2 at 1.3582 towards the January and February lows near 1.35. And while the daily technical indicators support the bearish scenario, we must be wary that most of the monthly studies are still pointing upwards.

While at the moment there is completely no difference between the numbers of long and short positions, the share of sell orders is rapidly increasing. During the last 24 hours it surged from 52% up to 61%.