EUR/USD surges past 1.15, stopped by W/M R1

Weakness of the Dollar transferred to the new working week, as another piece of soft North American data pushed EUR/USD beyond 1.15. By violating multi-month resistances, including the October 2015 high, the pair was only capped by the weekly and monthly R1s placed around 1.1538. This is the initial supply for Tuesday, but the rally until the second bunch of resistances (weekly/monthly R2) at 1.1619/26 is not off the table. Now the cross is trading at its peak levels since August of the last year and weekly technical indicators suggest the uptrend is ready to continue.  

With a drop of three percentage points, the SWFX market share of the bulls tumbled as low as 37%. 50-pip pending orders rose to 52% in bullish favour, as 100-pip commands are now 52% short on EUR/USD.