EUR/USD to bounce off the ceiling at 1.37

EUR/USD still does not exhibit any willingness to advance either north or south. From the upside the currency pair is capped by the resistance consisting of the 55 and 200-day SMAs. On the other side the Euro is supported by the weekly PP and 20-day SMA. And even though there is a tough level at 1.35 (monthly S1 and 2014 low) and the monthly indicators are mostly bullish, a path of the least resistance is considered to be to the downside.

The sentiment with respect to EUR/USD remains stable—44% of positions are long and 56% are short. Meanwhile, the distribution between the buy and sell orders is highly volatile—the share of the former 50 pips from the spot plummeted from 60% to 34%.