EUR/USD retreats from 1.3350

The support at 1.3350 proved to be significant last week by keeping the Euro away from 2013 Q4 low. Still, we are likely to see a test of 1.33 before there is an upward correction to 1.35, which a cluster of various resistances, including the three-month down-trend and monthly PP. Right now this course of events is also supported by the technical indicators, with weekly and daily being bearish and monthly studies pointing North.

After being slightly bullish for a while the sentiment returned to being neutral once again—53% of positions are long and 47% are short. Meanwhile, a majority of the orders is placed to sell the Euro against the Buck, namely 58% of the total.