EUR/USD soars to 1.2850

Yesterday's fundamental events had a profound impact on the value of the US Dollar, forcing it to prolong the correction. And even though the formidable resistance at 1.28 has been broken as a result, the overall bias towards EUR/USD is bearish. Right now the nearest supply area is at 1.2850 (23.6% Fibo), while the key level in the medium term is considered to be 1.31, a ceiling implied by the 38.2% Fibo and three-month down-trend.

The increased volatility in the market did not disrupt the balance of power—49% of open positions are long and 51% are short. As for the orders, the share of the ones to buy the Euro increased from 41 to 54%.