EUR/USD confirmed 200-day SMA as resistance

For the time being the 200-day SMA successfully carries out its mission, namely is not letting the Euro to advance further, even though the monthly studies are mostly bullish. If 1.37 continues to cap the rate, EUR/USD should soon return to the 2014 lows just below 1.35, a level that needs to be overcome in order for the bearish intentions to be confirmed. Otherwise there may be a re-test of the 100-day SMA at 1.3737.

The advantage of the bears seen yesterday has been almost fully erased during the last 24 hours, leaving only an insignificant difference between the amounts of long (45%) and short (55%) positions.