EUR/USD closes above 1.25

The Euro, despite a series of unsuccessful attempts earlier, was able to overcome the supply near 1.25 on Friday, which implies further advancement of the currency in the coming days. The current rally is likely to step over the weekly R1 and reach a cluster of resistances at 1.2040, where the weekly R2 merges with the monthly PP and 55-day SMA. From here EUR/USD will be expected to retreat back to this year's low at 1.2360.

There is still no consensus in the market with respect to the single European currency—53% of traders are bullish and the remaining 47% are bearish. Similarly, there is no significant difference between the buy (53%) and sell (47%) orders.