EUR/USD up by 150 pips

Instead of continuing its descent from the major down-trend line towards the 200-day SMA, as expected, EUR/USD ballooned up to the monthly pivot point. On its way to 1.3719/17 the currency pair violated a number of important resistances, including the 100-day SMA and the rising trend-line, meaning the rally may extend up to 1.3763. There, however, the bullish momentum is likely to be exhausted and come to an end.

Although the bullishness of EUR/USD did affect the sentiment, the distribution between the bulls and bears was not subject to substantial change. The share of short positions grew from 57% up to only 60%.