EUR/USD remains buoyant

Unlike the former support at 1.3290, a combination of the weekly S1 and a May high at 1.3247/42 prevented further depreciation of the common currency. Now EUR/USD is trading at the 20-day SMA, but is seen rising back to the bullish trend-line at 1.3323, breach of which will allow the pair to return within an upward-sloping channel. The pattern was started on Jul 10.

The gap that exists between the amounts of long and short positions has diminished, even though fractionally. Now the share of the former totals to 41%, while the bears remain in a majority with 59% of the market. On average in the crosses 43% of positions are bets in favour of a stronger Euro.