EUR/USD rebounds from 1.2837

Yet again a support level at 1.2837 proved to be impenetrable, sending the price back to the 55-day SMA, which in turn is also not letting traders to profit from larger moves. In case the moving average fails to halt the advancement this time, there is a number of formidable resistances overhead, including the dense area at 1.3096/57, that will attempt to prevent the rally from extending.

The sentiments towards EUR/USD turned bearish overnight, being that the share of long positions on the pair dropped to 43%, whereas bears are currently in a majority—57% of the market. The ratio between the buy and sell orders remains the same as yesterday—44% to 56%.