EUR/USD violates down-trend resistance

Regardless of the presence of the multi-year down-trend resistance line, EUR/USD skyrocketed on the last day of February, covering nearly 100 pips. And although we suspected that the supply near 1.3760 would enforce a bearish scenario, the daily and monthly technical indicators in the end turned out to be correct. Now, if the rate crosses the level of 1.38, the Euro may even try to target 2010 highs at 1.43 in the long run.

A fact that the common currency became significantly more expensive did not affect the sentiment towards EUR/USD—32% of positions and long and the majority, namely 68%, of them imply decrease in the price.