EUR/USD testing weekly R1

Pair is demonstrating further strength which is suggested by the short term technicals. As weekly R1 is not a strong standalone resistance level we could expect it wont cause much of a trouble for the bulls. 1.33 and 1.40 is completely different matter. Any of these two could cause a failure pointed out by the long term technicals.

 

Today we can see market which is dominated by the bears completely. Open bearish positions remain at 56% level. Distribution of pending orders switched towards the bearish side by additional 5% (9% in the last few days) and is at 53% level.