EUR/USD rises further

The weekly R2 has already fallen victim to the bullish appetite of EUR/USD and in the nearest future the R3 at 1.3655 is likely to be devoured too, being that the currency pair is aiming for 1.3711. In case this latter resistance is violated as well, than the Euro may rise as high as 1.3862 before starting to decline towards the consensus levels for the next three quarters—1.30, 1.29 and 1.28.

The SWFX market appears to be quite calm ahead of the weekend, being that there is no significant change in the positioning of traders, 38% of whom are still long and 62% remain short on EUR/USD. As for the orders, 55% are set to buy and 45% are set to sell the single European currency against the Dollar.