EUR/USD challenges 1.3721/00

The currency pair is presently eroding the upward-sloping trend-line. Once this support at 1.3721/00 is broken, EUR/USD will most likely fall down to 1.3646/36 (55 and 100-day SMAs) as a result. Then, regardless of the 'buy' signals on the daily and monthly time-frames, it will have a good opportunity to test a down-trend at 1.3575/65, which is reinforced by the monthly S1 level.

At the moment of writing 58% of the SWFX market participants are expecting the single European currency to lose value, while 42% believe in an alternative scenario. As for the orders placed 100 pips from the spot, 41% are to purchase and 59% are to sell the Euro against the U.S. Dollar.