EUR/USD ventures north

While resistance at 1.2933/53 is slowly being eroded, we may expect extension of the currency rally. In the medium term EUR/USD preserves potential to go as high as 1.3371, where it is going to confront a significant downtrend resistance line. Prior to that, however, the pair will have to overcome 1.3019 and 1.3119. In the meantime, dips are to be contained by 1.2866 and 1.2796/65.

SWFX traders' sentiment remains bearish towards EUR/USD, being that long positions are in majority—58%, while short ones constitute 42% of the market. The situation with orders is different, as 56% of them are to buy the Euro and 44% are to sell it against the U.S. Dollar.