EUR/USD prepares for another downtrend

EUR/USD started suffering losses after reaching Jul high at 1.1216 earlier last week. 200-day SMA seems to have successfully managed to limit gains of the pair and is pushing the Euro downwards at the moment. We would allow a slump down to the long-term downtrend at 1.10 in course of this week. However, bulls may rely on help from both 100 and 55-day SMAs at 1.1095 and 1.1062, respectively. Moreover, daily indicators are bullish; therefore, a decline of the pair is not inevitable in the beginning of the week.  

The share of bulls grew to 50% during the weekend, while the portion of long pending orders in 100-pip range from the spot surged as much as 17 percentage points to 57%.