EUR/USD at risk of sinking from weekly R2

With recovering volume of trading, the Euro continued to grow in value against the Greenback on Wednesday. Consolidation above the first downtrend line led to a spike above the second downtrend placed near 1.1325. The rally was capped by the weekly R2 at 1.1337, which is the last supply under the February high at 1.1377. We would allow for a short-term correction lower, but dips below 1.12 are unlikely today. Alongside, by eroding the upper Bollinger band at 1.14 the cross will set eye on the October 2015 high at 1.1495.  

The bullish share was sent down to from 43% to 42% yesterday. Alongside, pending orders tanked much below 50% by Thursday morning, as 55% of all commands, placed in the 100-pip range from the spot, are now set to go short on the Euro zone's currency.