EUR/USD preserves bullish momentum

Although the up-trend resistance line that connects the most recent peaks does not allow the currency pair to advance at an accelerated pace, the Euro still continues to appreciate relative to the greenback. The closest resistance the price is likely to encounter in the nearest future is the one at 1.3652/40. Once this level is breached, EUR/USD should set the next objective at 1.3711/1.3697—the peak reached in February.

The bears continue to gradually crowd out the bulls. Right now the share of long positions (40%) is notably smaller than the share of short ones, which constitute 60% of the market. In the meantime, there is almost no difference between the amounts of buy (49%) and sell (51%) orders.