EUR/USD resumes falling as ECB meeting begins

Daily technical indicators assume the EUR/USD currency pair will come under a heavy selling pressure on Wednesday when the ECB's two-day meeting starts. Yesterday the cross was denied by the 200-day SMA at 1.1043. The bears are setting eye on the demand cluster at 1.0974/58 where the 55-day SMA and weekly pivot point support each other. Failure here would allow for a loss down to 1.09 over the next 24 hours (100-day SMA and weekly S1), followed by the February low at 1.0809 in the long run.

Driven by bullish pending commands yesterday, the total number of long SWFX traders rose to 49% by Wednesday morning. As for pending orders themselves, today 51-54% of them are back set to go short on the common European currency against the Buck.