EUR/USD heads towards 1.3475

EUR/USD continues to grind lower, as it proved to be unable to cross the weekly PP at 1.3627 yesterday. The nearest support is at 1.3587, represented by the weekly S1, but the selling pressure is unlikely to subside and allow a pronounced bullish correction until the exchange rate falls down to this year's low at 1.3475. There the demand will also be reinforced by the monthly S1 level. Moreover, the longer-term technical indicators still remain bullish.

There was a slight increase in the number of long positions, from 50% to 53%, but the sentiment still remains neutral towards EUR/USD. Meanwhile, the share of the sell orders grew, from 55% to 60%.