EUR/USD to target 200-day SMA

Instead of extending the dip down to 1.3513/1.3475, EUR/USD closed above the resistance formed by the weekly PP and 20-day SMA. Accordingly, there is a good chance the currency pair will now attempt to visit the 200-day SMA at 1.3683/69. However, the supply there should be sufficient to stave off further appreciation of the European currency, even though monthly indicators are mostly pointing north at the moment.

Despite some of the major events the sentiment towards EUR/USD stays unchanged—50% are in favour of a rally and 50% are against. Concerning the orders, the share of sell ones plummeted from 64% down to 51%.