EUR/USD hit key resistance at 1.3760

EUR/USD has finally reached the resistance at 1.3758, where the major down-trend line is supposed to negate the bullish momentum of the currency pair and send it back to the nearest supports. However, some of the technical indicators remain bullish and for now the price does not seem to be in a hurry to be subject to a decline and stays near the weekly R1 level.

SWFX traders have not yet responded to sharp appreciation of the Euro yesterday—the bears continue to hold a substantial majority, specifically 67%, of the market. However, the pair is approaching a strong supply area, since the share of sell orders surged from 53% up to 68%.