EUR/USD at two-week low after falling 60 pips

EUR/USD was down around 60 pips on Tuesday, thus registering its steepest drop since July 29. As a result, the pair breached the recent low and plunged below 1.09. Currently the Euro is testing the weekly S1 at 1.0864, but bears are mainly concentrating their attention on the last month's low at 1.0808. This support is, however, strengthened by the monthly S1 from below. The medium-term outlook remains firmly bearish, but short-term gains from Jul low are still quite possible. 

 

The share of bullish open positions in 100-pip range decreased from 55% to 54%. Long pending orders in 100-pip range, however, surged back from 36% to 53% during the past 24 hours.