EUR/USD to remain bearish

Although the Euro refused to decline for two days, in the end the bears managed to push the currency below the monthly S2 level. The current downward tendency is expected to persist and could eventually result in a drop down to 1.28, the 2013 lows, even though a half of the monthly technical indicators are presently pointing upwards. However, if EUR/USD does rally, the pair will most likely be stopped before it climbs over 1.36.

The weekend did not introduce any changes into a slightly bullish sentiment towards EUR/USD, as 56% of open positions remain long. On the other hand, 50 pips from the spot the share of buy orders increased from 35% up to 45%.