EUR/USD is checking monthly R1

While the 55-day SMA did not prove to be capable of stopping EUR/USD's bullish momentum, the monthly R1 at 1.3678 is likely to last longer under the buying pressure. Once this resistance is breached as well, the currency pair will head towards a key level at 1.3744, where it is going to meet the long-term falling trend-line. There, however, the price is expected to change the direction.

The distribution between the long and short positions opened on EUR/USD is perfectly unchanged from yesterday's figures—the former take up 39% and the latter 61% of the market. At the same time, the share of sell orders placed 100 pips from the spot plummeted from 74% down to 51%.