EUR/USD eyes 1.33

EUR/USD continues to grind lower, and it does not seem we are going to observe a pronounced bullish correction before the pair reaches the 2013 Q4 low at 1.33. Then there will be a high chance of a pull-back up to 1.35, a level that has proven to be fairly important this year (it is also reinforced by the monthly PP and down-trend). Afterwards the sell-off should resume, but this time the Euro will be expected to target the 2013 Sep low at 1.31.

The bullish views are getting more popular, as it is becoming cheaper to acquire the single currency. Right now 59% of open positions are long and the remaining 41% are short. But concerning the orders, 67% of them are to sell the Euro against the Buck.