EUR/USD challenges 1.3958/23

At it turned out, EUR/USD was not required to come back to a cluster of supports at 1.38 in order to resume the rally. At the moment the currency pair is eroding the monthly R1. If it succeeds at breaching this resistance at 1.3958/23, the next target will most likely be the monthly R2 level at 1.4047, even though on the daily and weekly charts the technical indicators are mixed.

SWFX market participants are not getting discouraged by Euro's appreciation. Most of them remain convinced that eventually the single currency will depreciate, as 66% of open positions are short. Concerning the orders, there are now more buy ones 100 pips from the spot, namely 63%.