EUR/USD hesitant ahead of 1.14

Despite immediate resistance at 1.1368, represented by the weekly PP, there is still some room left for the Euro to appreciate in the short term. The gains, however, should be capped at 1.14, where supply is implied by the multi-week trend-line. Meanwhile, 1.13 is the key support level, which has been keeping the exchange rate afloat since the beginning of February. As suggested by the technical studies, this demand area should eventually give in.

Just as yesterday, there is still no real difference between the amounts of bulls (49%) and bears (51%) in the SWFX market. On the other hand, there was a notable decline in the percentage of sell orders, and 1.14 may thus not be as strong as initially assumed.