EUR/USD bounces off 1.3047/32

As expected, the currency pair was able to approach the weekly and monthly pivot points yesterday. Nevertheless, this recovery turned out to be brittle after the encounter with 1.3047/32, which led to a dip down to 1.2898/69. The decline could extend further, as suggested by the weekly technical indicators, but should be then stopped by the support area around 1.2745, Apr 4 low.

Right now the number of long positions is smaller than the amount of the short ones; however, the difference is currently too small (10 percentage points) to say that the traders' sentiment is bearish. The advantage of sell orders (63%) over the buy orders (37%) in this case is more notable.