EUR/USD retreats from 1.3210

Even though the bullish momentum appeared to be rather strong, as EUR/USD has been violating supports since August, bulls proved to be unable to throw the price over the major declining trend-line that has been preventing surges from emerging for the last 19 months. Accordingly, a dip, at least down to 1.3121/1.3091 or even 1.3046, is expected, while a breach of the 200-day SMA, currently standing at 1.2703, should in turn indicate a reversal.

Bearish market participants continue to preponderate in EUR/USD, since their share currently amounts to 69%, whereas only 31% of positions in the market are long. As for the orders, the situation is different, being that 57% of orders are to buy the Euro and 43% of them are to sell it against the U.S. Dollar.