EUR/USD capped by 1.2990/61

It is almost certain now that EUR/USD will be unable to close the bearish gap this week, as the single currency is being heavily sold off. In order for the currency pair to turn bullish in the medium term it will have to penetrate a too strong to handle now resistance area that stretches from 1.2990 to 1.2961 and consists of the accelerated bearish trend-line, 20 and 200-day SMAs and the weekly pivot point. Accordingly, the outlook on the price is negative until a key support level at 1.27 is reached.

The difference between the amounts of long (49.6%) and short (50.4%) positions is minimal at the moment, giving us no indication of traders' current preferences. Pending orders are neutral as well at the moment, 49% of them are buy and the rest 52% are sell.