EUR/USD forces its way through 1.3777

Despite the near-term technical indicators opposing a rally, the Euro is gaining ground after it found support in the face of the 55 and 100-day SMAs. Now the currency pair is challenging the weekly pivot point at 1.3777 and, judging by the weekly and monthly studies, is going to continue advancing further. Thus, the mid-term target is a rising resistance line at 1.3951/25.

Though the bearish views are still popular in the market, the share of short positions is constantly diminishing. Compared to the situation observed five days ago, the percentage of the bears dropped from 66% down to 63%. Meanwhile, there is no significant gap between the numbers of buy and sell orders.