EUR/USD approaches 1.3579/61

The currency pair moved a little closer to the monthly pivot point, but nonetheless remains under considerable downward pressure. EUR/USD therefore should soon re-test demand area at 1.3442, which is mainly created by the 200-day SMA and the two-month down-trend support line. But eventually it is supposed to give in, thereby opening a path towards 1.32.

Although for a short period of time the number of Euro-optimists was growing in the SWFX market, the sentiment is now returning to being bearish with respect to EUR/USD once again—56% of positions are short and 44% are long. As for the orders, 68% of them are to sell the bloc's currency against the Dollar.