EUR/USD erodes 1.3485

It did not take long for the bulls to once again regain control of the price's formation, ending a short-lived period of consolidation at a high of 2012. This resistance is expected to give in, paving the way towards a subsequent hurdle at 1.3560/40, a test of which is also likely to be accompanied by a bearish correction. In the meantime, technical indicators do not favour appreciation of the Euro.

Bearish traders' sentiment towards EUR/USD is largely unchanged since yesterday. At the moment 65% of positions are short and the rest 35% are long. However, 60% of orders placed on the pair are to buy and 40% are to sell the single European currency against the U.S. Dollar.