EUR/USD gravitates towards 1.27

After overcoming a short period of hesitation near 1.2815 the pair continued the decline and encountered 1.2774/65, which appears to be a stronger support line than the previous one. Nevertheless, it is also expected to be eroded eventually, allowing for a dip down to 1.2704/1.2687, a key level in the near future that could potentially initiate intensified short-squeezing.

Traders' sentiment is perfectly neutral towards EUR/USD, since the amount of long and short positions opened on its are equal at the moment, both are 50% of the market. Completely the same picture is observed with the orders placed on the pair, 50% of them are to buy the Euro and 50% are to sell it.