EUR/USD spikes through 1.3713/04

Although EUR/USD was expected to move away from the dense resistance area at 1.3713/04 down to the 55-day SMA, the currency pair is currently trying to erode the nearest resistance. If it succeeds at surpassing this ceiling, the major down-trend line at 1.3792/84 will be exposed, but should rekindle selling despite the ‘buy' signals appearing on the daily and weekly time-frames.

The portion of shorts positions keeps on increasing. Since yesterday their percentage in the market has grown from 62% to 64%. Concerning the orders, while closer to the spot the sell ones enhance their dominance (65%), in a wider range the difference between them and the buy ones decreased to 10 percentage points.