EUR/USD erases earlier gains, comes back to 1.13

EUR/USD failed to extend gains on Friday and failed at the May high of 1.1466. This event turned attention to the downside and the pair was sold-off down to 1.13. Bears are looking at 20-day SMA and 50% Fibonacci retracement of Jul-Aug uptrend at 1.1270/61. A failure of bulls to gain momentum from there should rule out a revival in the near term and bears are likely to aim at the next demand area placed at 1.1154/26. Aggregate daily indicators are, however, pointing upwards at the moment.

EUR/USD's sentiment is flat for a fifth consecutive trading day as the share of bulls amounts to 47%. Meanwhile, the share of long pending orders in 100-pip range from the spot is similar (47%), after declining from 57% over the weekend.