EUR/USD threatens 1.37

EUR/USD continues to respect the accelerated up-trend support line that may be drawn through the lows reached after Jan 31. However, there is little room for the currency pair to continue growing—the upside is limited by the tough resistance. Accordingly, whether the price advances beyond 1.38 or slides beneath 1.37 will to a considerable degree determine future course of events. Still, despite the bullish signals on the daily and monthly charts, we hold negative bias towards the pair.

The difference between the long (41.5%) and short (58.5%) positions stabilised, and the latter preserve a slight advantage in numbers over the former, meaning the sentiment stays bearish.