EUR/USD finds support at 1.3545

EUR/USD bounced off the monthly S1 at 1.3545 yesterday, which thereby proved to be a strong support. As a result, the rally extended up to the resistance made of the 55 and 100-day SMAs. Here Euro's appreciation should be stopped, although we still should not rule our a possibility of a spike up to 1.3719/11 (monthly PP and February high) completely just yet.

There has been a slight increase in the number of short positions open on EUR/USD since the last report. Right now they constitute 59% of the market (57% yesterday). At the same time the sell orders placed 100 pips from the current price are in a majority—62% of the total amount.