EUR/USD halted by February high

EUR/USD proved to be unable to advance higher in the face of a formidable resistance at 1.3711/1.3693 and is therefore slowly retreating from the supply area. Accordingly, now the currency pair is supposed to move south, specifically towards the lower boundary of the bullish channel at 1.3534, through the weekly pivot point and the 20-day SMA.

Since the last report the gap between the numbers of bullish and bears SWFX market participants diminished, but the latter are still in a distinct majority with 62% of the total amount. Meanwhile, the difference between the shares of buy and sell orders is only four percentage points.