EUR/USD overcomes 1.3711/08

As it turned out, a notable resistance area at 1.3711/08, formed by the February high and monthly R1, proved to be unable to nullify the bullish momentum of EUR/USD and allowed the surge to extend closer to the major down-trend at 1.3777. Supply there should prevent further appreciation of the Euro despite the bullish signals of the technical indicators on daily and weekly time-frames.

The number of bullish market participants keeps on declining. Since the last report the share of long positions dropped to 42%, being that the U.S. Dollar has become even more popular among the traders. At the same time 54% of orders are to purchase and 46% are to sell the Euro against the buck.