EUR/USD heads towards 2013 high

Instead of taking a break from a sell-off and returning to the monthly S1 at 1.30 for a bit, EUR/USD pushed through the support at 1.29. As a result, there are no more significant demand areas 100 pips beneath the spot price, meaning the decline is now likely to extend down to the 2013 low at 1.2750 in the nearest future. And while the weekly studies agree to this, the monthly indicators suggest that the Euro is already oversold and is ready to recover.

The market is a little less bullish than yesterday—the share of long positions has gone from 60 to 59% during the last 24 hours. At the same time, the relative amount of sell orders has fallen quite significantly, from 74 to 59%.