EUR/USD breaches weekly PP to boost outlook

Even though the volume of trading for the EUR/USD cross remained broadly flat for a third day on Tuesday, it did not stop the bulls from pushing the pair up by 46 pips. The Euro successfully dealt with the weekly pivot point, thereby switching attention to the 1.1460 mark. Here the bulls will find the September 2015 peak and the current April high along with the Feb-April uptrend line. Medium-term dips will be consequently allowed to extend down to the 1.12 mark where the nearest massive cluster of supports consists of the monthly pivot, weekly S1 and 55-day SMA.  

On April 19 this SWFX distribution between long and short positions has gained enough power to change and the bulls were sent down to 41%, meaning the gap has expanded to 18 pp by Wednesday morning.