EUR/USD settles above monthly PP

Although we were expecting the Euro to remain below the monthly pivot point, it did rise above 1.3582/61 and test the 100-day SMA. If the resistance at 1.3616 also fails to contain the current rally, the pair will have a good opportunity to probe 1.3760, a multi-year down-trend resistance line, which stopped advancement of the common currency in December.

Yesterday's tendency persists—bearish market participants, who at the moment take up 58% (56% 24 hours ago), are crowding out the bullish traders. In the meantime, the distribution between the buy and sell orders set around the current price is more or less the same—31% and 69% respectively.