EUR/USD remains buoyant

Although it looked as if the support represented by the monthly PP has already been broken, EUR/USD found the strength to negate Tuesday's losses. Now the pair is once again trading in front of the major down-trend resistance line at 1.39, which is supposed make sure that the long-term outlook is bearish. However, every time there is a sell-off, it is followed by a recovery. Moreover, most of the technical studies are bullish and thus jeopardise the negative bias.

Bearish views on EUR/USD got even more popular, being that the percentage of open short positions went up from 65% to 70%. At the same time the number of sell orders also increased—50 pips from the spot their share grew from 49% to 57%.