EUR/USD gains bearish momentum

As expected, 1.2378/1.2447 withstood bullish onslaught on Friday and redirected EUR/USD towards an initial support situated at 1.2244/33. The subsequent area is located at 1.2106/1.2088 and guards 1.1926/1.1896, where we are likely to see a strong rebound, given that there is a formidable downtrend support, which has been respected by the market since the start of the year.

Even though popularity of the Euro has fallen, it still remains the most frequently acquired currency among its counterparts in SWFX marketplace (in 67% of cases). Accordingly, sentiment of traders' towards EUR/USD is bullish (although to a considerably lesser extent), being that 56% of them hold long positions and 44% hold short positions.