EUR/USD remains uplifted near February peak

The most traded FX cross refrained from kicking off a recovery in the direction of the 1.15 mark yesterday, as traders are waiting for the FOMC minutes tomorrow and maintaining the wait-and-see mode. Nevertheless, the medium-term projection is the same as 24 hours ago, as we see more upside risks to the price. The closest resistance is the October 2015 peak and the weekly R1. On the other hand, any decline under the weekly pivot at 1.1326 may potentially expose the pair to heavier losses in the direction of the 1.12 area (monthly PP/20-day SMA/weekly S1).

There are just slightly more than 40% of bullish positions opened in the SWFX market, down from 41% yesterday. Meanwhile, pending orders improved, but most of them are still keeping the bearish bias.