EUR/USD loses momentum after Tuesday's rise

EUR/USD gained around 50 pips on Tuesday and closed above the nearest resistance, namely the weekly pivot point and 20-day SMA at 1.1191. However, today the currency pair is back below both of these levels as bears are regaining strength. We are looking at a cluster of moving averages in the 1.1114/1.1085 area, which is going to be targeted by bears in the short-term. Alongside, the bullish case is less likely, while any possible rally should be contained by recent highs at 1.13.

The share of SWFX bullish market participants rose by one percentage point to reach the 51% level. Meanwhile, the portion of long pending orders in 100-pip range from the spot price declined from 52% to just 35% yesterday.