EUR/USD refuses to go down

For the time being the single European currency is reluctant to decline, even though it has just breached one of the key support lines, namely 1.35. Right now the pair is facing the monthly S1 at 1.3436, but this level is unlikely to hold out for long. The next obstacle could be 1.3369, but there is a real chance of EUR/USD dropping down to the 2013 lows at 1.28 eventually, regardless of a half of monthly indicators being bullish.

There are more people in the SWFX market reckoning the Euro is too cheap at the moment, namely 56% of the traders. However, the currency may soon come under selling pressure—67% of pending orders are to get rid of EUR in favour of the Greenback.