EUR/USD's correction comes to an end

Following a shallow dip down to a weekly pivot point level at 1.3012, EUR/USD inches higher and once again proves to carry substantial amount of bullish impetus. It is supposed to push the price further towards 1.3226/69, while more important levels are located slightly higher—at 1.3425 (a major downtrend resistance line) and 1.3485 (the highest this year's value).

The largest part of the EUR/USD market (62%) is composed of short positions, while the rest of traders are long, meaning that in general market participants are bearish with respect to the currency pair and expect it to fall. The share of buy orders, on the other hand, is increasing and has already reached 61% of the total amount of orders.