EUR/USD was successful at testing 55-day SMA

EUR/USD booked another bullish trading session on Wednesday, as the currency pair spiked above 1.10 to touch the most important 200-day SMA at 1.1031. Another moving average, the 55-day SMA, used to be an easy target for the bulls yesterday, and it was penetrated relatively quickly. Now we are watching the 200-day SMA, which is immediately followed by 100-day SMA at 1.1061. In case both of them are violated, it will proclaim a significant advantage of the bulls in the market. Otherwise, EUR/USD is at risk of coming back under the 1.10 mark soon.  

Bearish market share decreased from 57% to 56% during the previous trading session. In addition to that, pending orders became strongly Euro-positive for the first time in several weeks.