EUR/USD extends bearish correction

EUR/USD has prolonged its dip and looks like 1.3012 in conjunction with 1.2953 will be unable to prevent the price from going lower. And even though in the short term the outlook turned negative, the currency pair will preserve potential to advance up to 1.3425 in the long run as long as an uptrend support at 1.2805/1.2765 remains intact.

The Euro is currently far from those levels of popularity observed a month ago. At the moment only 48% of positions on its crosses are long, while the U.S. Dollar enjoys popularity, being acquired in 65% of cases across the market. The general sentiment in SWFX marketplace is also true for EUR/USD in particular, as the share of bulls on it is 40% and the share of bears is 60%.