EUR/USD wades through supply zone

Despite the presence of formidable resistance levels and signals of technical indicators, EUR/USD remains on a bullish path, as it has confidently pared the recent losses. The next strong area the currency pair may encounter, if it carries on with the advancement, is at 1.3174/51. However, the supply area stretches up to 1.3280 and the price is likely to have a hard time overcoming it.

The gap between the amounts of long and short positions is growing, it has reached 10% already, since many view the Euro's price increase as exhausted. As for the distribution among buy (55%) and sell (45%) orders, there is no notable change observed since the last report yesterday.