EUR/USD supported by the weekly PP

As in most of the cases the pair started the week in a rather calm manner—it has been trading in a 15 pip range supported by the weekly PP. Short term technicals suggest that pair should remain in similar sate for some time. Medium and long term technicals, however, give bullish outlook suggesting it should maintain the recent trend. For that the pair has to breach June and 6 month highs which seems questionable for the time being. Any of the two resistances could send the pair trailing towards the 1.32.

Bears remain the dominant force in the market. They strengthened their presence in the market during the weekend further and at the moment they account for 63% of market participants. Distribution of pending orders give slight advantage to them as well, 55% are set to go short.