Looking at the EUR/USD chart we can identify the recent bearish 'Death Cross' and the key nearby support levels of 1.3141 (the recent low) and below that the 61.8 Fibonacci retracement of the swing high to low at 1.3047. Chart courtesy of Worden
You are being supported by retail traders (and The European dream damage team Merkel and Sarkozy destroying more wealth than any other stupid politician in the last 4 years) long positioning in EUR/USD. EURUSD - The ratio of long to short positions in the EURUSD stands at 1.53 as nearly 60% of traders are long. Yesterday, the ratio was at 1.55 as 61% of open positions were long. In detail, long positions are 0.5% lower than yesterday and 9.4% stronger since last week. Short positions are 1.0% higher than yesterday and 4.6% weaker since last week. Open interest is 0.1% stronger than yesterday and 3.1% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD losses.
Interesting, that's the first time I've come across the Speculative Sentiment Index, I'll have to take a closer look... We certainly got some EUR/USD downside follow through in the London session so far, along with weakness in US stock index futures.