EUR/USD breaks 1.35

Regardless of the bullish indicators on a monthly time-frame, EUR/USD has finally closed beneath the major level at 1.35, meaning the currency pair has now confirmed its long-term bearish intentions. The immediate support is at 1.3467/61, represented by the weekly S1 and Bollinger band and followed by the monthly S2 at 1.3436. Ultimately the price could fall down to 1.28 (2013 lows), before the bulls can regain control of the market.

There was no strong reaction of the SWFX market regarding a precipitous decline in the value of the Euro—the share of long positions fell only two percentage points to 55%. But the portion of buy orders surged—from 36% to 57%.