During the previous trading session the rate slipped to support area near the 1.1580 mark, as expected, and returned to the place from which it started. As the pressure from falling 55- and 100-hour SMAs hasn’t gone anywhere, the pair is still projected to move in the southern direction towards the weekly S1 located at the 1.1572 level. There is also a need to take into account an additional barrier formed by the slope that is moving along the falling 200-hour SMA. Moreover, the market continues to be dominated by bears, as the number of traders with bullish sentiment reaches only 40% on average. Even if the Euro makes an attempt to surge amid an impulse from Draghi speech in Frankfurt, this recovery is expected to have a limited effect due to additional resistance set up by the weekly PP at 1.1631.
