EUR/USD finds support at 1.38

EUR/USD, despite its explicitly poor performance during the second part of the last week, seems to have stabilised at 1.38, namely at the major down-trend support line. Accordingly, also considering that weekly and monthly technical indicators are bullish, the Euro is set to resume the advancement. However, the currency pair will have to face tough resistance area around 1.39 to realise its upward potential.

Compared to the readings in the previous report, the sentiment remains unchanged—35% of positions are long and 65% are short. The distribution between the buy and sell orders is quite unstable. The share of the former 50 pips from the spot price plunged to 41%.