EUR/USD depreciates further

Yesterday, EUR/USD managed to consolidate below the monthly PP (1.1003) and is moving further downwards on Tuesday. This event negated the potential upside pressure and market is now likely to focus on the bearish development. Initial demand is currently offered by 55-day SMA, which is placed at 1.0924. The next support is, in turn, located around 1.0850 (weekly S1; Bollinger band), which also guards the long-term target at 1.0740 (monthly S1). 

The gap between long and short positions narrowed since , as bulls are currently keeping 48% of all opened positions. Meanwhile, the commands to buy the Euro against the US Dollar in 100-pip range from the spot dropped by 11% over the past 24 hours to 40%.