EUR/USD probes 1.3610/1.3584

EUR/USD is once again attempting to break the rising support line to the downside, but seems to be unable to do that for now, being that 1.3610/1.3584 is reinforced by the weekly S1 and the 100-day SMA. Nevertheless, we retain out bearish bias with respect to the Euro in the long term, expecting the currency to stay capped by 1.38 and eventually breach the six-month up-trend.

While the sentiment towards EUR/USD is already negative—59% of open positions are short, there are even more traders planning to short sell the European currency, but at higher levels than the spot—at the moment of writing 67% of pending orders 100 pips from the current price are the sell ones.