EUR/USD hovers near the 55-day SMA

The major currency pair fluctuates between the 55-day SMA at 1.3070 and the monthly R1 level at 1.3043. The pair reached the 423% Fibonacci retracement level that intersects the SMA, meaning that an upside wave should be finished. Thus the 200-day SMA at 1.3027 should experience more serious testing with a potential downfall to the 20-day SMA at 1.2921.

Investors in the Euro gradually reduce their positions, as the buy side decreased by another 1% and reached 46%. Pending orders segment delivers exactly the same data, since 46% of orders are ready to purchase the single currency.