EUR/USD in limbo around 1.12

While the bulls have attempted to send the EUR/USD pair above 1.1240 on Monday, their bearish peers tried to close it below 1.1190 amid hike-supportive speeches of Fed officials. As a result, the session was finished with no definite lead of any side at the 1.1220 marker. At the moment we see the exchange rate bounded between the weekly pivot at 1.1250, while the key support is represented by the 100-day SMA and weekly S1 at 1.1161 and 1.1152, respectively. Consolidation beyond any of these areas will shift the present neutral short-term outlook. Daily technical indicators, however, indicate to the downside.  

55% of all positions are opened to go short on the Euro in the morning on Tuesday, while pending orders turned substantially short on the single European currency (>60% in both 50/100-pip ranges).