EUR/USD in limbo around 1.1330

Even though daily technical indicators are pointing strongly to the north for now, the price of the Euro against the US currency is unlikely to move noticeably higher in the short term. There is a considerable resistance area located just below the 1.14 mark, created by the weekly pivot point and monthly R1. On the other hand, EUR/USD should be supported by demand at 1.13 (20-day SMA; weekly S1). Our outlook will stay largely neutral, as long as the pair keeps hovering inside this 100-pip technical levels-free zone.

The share of bullish open positions increased from 43% to 45% yesterday. Meanwhile, percentage of pending orders to buy the Euro against the US Dollar in 100-pip range from the spot dipped from 53% to 48%.