EUR/USD faces a key support at 1.3287/56

Yesterday's dip had little to do with technicals, as the price had been growing for the most part of the day and then slipped on the FOMC minutes. The bullish outlook has not yet been completely thrown away, since there is still a reason to believe that a recovery will reappear, being that the up-trend support is intact. However, the downside risk has notably increased and could involve a decline down to 1.3042 if 1.3287/56 is breached.

Despite a sharp drop in the price the ratio between the long and short positions has not been changed at all. A majority of traders (57%) expect the Euro to depreciate further, while 43% are anticipating a surge. On the other hand, there is again a notable difference between the numbers of buy (61%) and sell (39%) orders.