EUR/USD ready to tackle weekly R1 at 1.1341

Third consecutive session was finished with gains for the Euro, but somewhat hawkish Federal Reserve prevented a spike above the weekly R1 at 1.1341. Likelihood of another testing of this resistance is high, given that from below the EUR/USD pair is backed by the weekly pivot point and 20-day SMA. The rally should ultimately pave the way for additional purchases, as the cross will be bid until 1.14 (April 21 high) where it is going to face a stronger downside pressure. Meanwhile, indicators on a daily time frame are mixed today.  

Only 42% of all market participants keep maintaining the bullish stance on the matter, down from 43% yesterday. Pending orders placed within 100 pips from the current market prices are almost equally distributed between the bulls (52%) and bears (48%) this morning.