EUR/USD approaches 2012 low

On December 31, the EUR/USD currency pair dropped considerably and set a new low of the year 2014 at 1.2096. Moreover, a decline of the pair did not stop there, and in the morning of January 2 the Euro has already fallen down to the 2012 low at 1.2040. This level, however, is strengthened by the weekly S3 twelve pips below. If it fails to hold the bearish pressure, we may see the cross slipping down to the monthly S1 at 1.1939. Technical indicators, however, are now giving mixed signals on all time-frames.

Long opened positions to buy the single European currency versus the Buck decreased marginally during last two days, as bulls are still remaining in the majority with 55% of all trades.