EUR/USD to move in the direction of 1.10

All bearish attempts to send the most traded FX cross down failed on Tuesday. The bulls have eventually overtaken leadership and are pushing EUR/USD much higher in the Asian session on Wednesday. Risk-off sentiment is the main driver for growth, but positive US CPI later in the day may derail this rebound. Still, the bulls are aiming at 100-day SMA near 1.10, which is reinforced by upper Bollinger band and weekly R1. Another important supply is in turn offered by 200-day SMA at 1.1051. At the same time, to worsen expectations the bears have to consolidate EUR/USD below weekly PP/20-day SMA at 1.09/1.0888. 

SWFX bears remain in the majority of 56%, while pending orders are also bearish in both 50 and 100-pip ranges from the spot price.