EUR/USD attempts to break 1.2924/22

Both daily and weekly technical indicators continue to give "buy" signals, implying EUR/USD has not yet reached its ceiling. In the medium term it is considered to be situated around 1.33, although the currency pair will have to overcome a number of tough resistance prior to reaching it, such as 1.3024/36 and 1.3115/51. Alternatively, the nearest supports are at 1.2924/22 and 1.2834/09.

The majority of market participants are still bearish towards EUR/USD, being that 57% of positions are short and consequently, 43% of them are long. The similar picture is observed with respect to distribution among pending orders, 45% of which are buy and 55% are sell.