EUR/USD settles above weekly S1

Yesterday, the common currency stopped losing value and settled just above the weekly S1 at 1.0856. This level continues to support EUR/USD on Thursday as well. However, this development seems to be temporary, and there is a risk of even steeper drop in the medium-term. In case the pair consolidates below 1.0850, it is likely to be pushed as low as 1.0740 (monthly S1) in a short period of time. Meanwhile, daily and weekly technical indicators are mixed on the perspectives of this currency pair at the moment. 

The gap between long and short positions remains insignificant at the moment, as bulls are keeping 48% of all opened positions, down one percentage point during the past 24 hours.