EUR/USD stands still at 1.31

Although EUR/USD has finally reached a major support, the bulls largely remain inactive. As a result, the pair is trading flat. And even if we do see an upward correction, the bias will still be to the downside. The Euro has broken out of the rising wedge pattern this quarter, meaning the sell-off may push the price through the 2013 low at 1.2750 down to the 2012 low at 1.2050. However, the monthly technical indicators are persistently bullish.

Despite poor performance of the Euro, there are still more bullish traders in the SWFX market—they take up 62% of it. As for the orders, most (70%) of them are to sell the single currency, but their share is currently decreasing (from 81% yesterday).