EUR/USD fails at 55 and 100-day SMAs

Pair received a bearish impetus from the 55 and 100-day SMAs and sold off till the weekly S2. As short term technicals suggest (the RSI and the Stochastic) we might see some sort of bullish correction, but overall outlook on the pair remains negative (long term). There is a significant chance, however, that pair will be somewhat range bound like in mid to late June (between 1.280 and 1.294). Rallies should be capped by the 1.303; dips should find support at 1.279. 

 

Situation in the market remains rather uncertain. 51% of all open positions belong to the bears and 51% of all pending orders were posted by the bulls.