EUR/USD attempts to erase earlier losses

EUR/USD consolidated under the 100-day SMA on Wednesday, thereby pushing our short-term outlook further downwards. However, on early Thursday morning the pair is trying to reclaim the moving average and eliminate a heavy decline that had been registered on Tuesday. If successful, the bulls will neutralize the forecast to start focusing on the weekly pivot at 1.1250. Most likely, the upward risk is created by a dense cluster of supports starting from 1.1126 (monthly S2) and below, including the 200-day SMA at 1.11. In the meantime, daily technical studies are strongly negative on the Euro today.

Yesterday the share of the longs and shorts remained unchanged at 50%. Pending orders rebounded in terms of the bullish side to 43% on the basis of 50 pips from the spot and to 47% in the 100-pip range.