EUR/USD encounters February high

As was implied by the near-term technical indicators, the Euro continued to move further north. However, it seems the currency pair has lost bullish momentum during the weekend in view of a formidable resistance area at 1.3723/08, consisting of the up-trend, Feb high and the monthly R1 level. Considering there are no strong supports nearby, there is a risk of a pull-back down to the 55-day SMA at 1.3580/75.

The percentage of bearish market participants has slightly increased since the previous report on Friday—now they take up 57% of the total amount of traders on EUR/USD. In the meantime, the share of buy orders has risen from 54% to 56%.