EUR/USD probing major down-trend

EUR/USD continues to move north and is about to challenge the long-term down-trend resistance line that secures bearish on the currency pair outlook. If the upward momentum is not stopped here, the price will be well-positioned to revisit a recent October peak at 1.3834. Additional bullishness may then push the rate as high as 1.40, since there will be no significant resistances obstructing way.

As observed previously, the tendency of the sentiment becoming more negative towards EUR/USD remains present. The portion of long positions has already fallen down to 41%, while bearish positions have been gaining popularity lately. Meanwhile, the difference between the buy (53%) and sell (47%) orders stays more or less stable.