EUR/USD erodes recent losses

EUR/USD started to erase losses that occurred during the previous three trading days. Yesterday it bounced back to close the session at 1.1185, just below the weekly S1 and 200-day SMA. If bulls push the pair through these resistances, it will be in a good position to extend gains up to the 1.1260 mark, which is guarded by the monthly pivot point and 50% Fibonacci retracement of the Jul-Aug uptrend. Losses are not off the table either as bears expect to returning EUR/USD back below 1.1120 (55-day SMA) in the short term.

At the moment bulls and bears are holding 54% and 46% of all trades, respectively. Meanwhile, the total number of bullish pending orders in 100-pip range from the spot plummeted from 49% to 36%.