EUR/USD's advance contained by weekly PP

As expected, EUR/USD's development, prior to the ECB event later on Thursday, remained relatively calm on April 18. Yesterday the added value amounted to only 12 pips, while the similar situation being observed on early Tuesday morning. We see the weekly pivot as the first noticeable resistance at 1.1327 and in the short-term the pair is likely to terminate around here. We would allow for a medium-term slippage in the direction of 1.12, where the monthly pivot coincides with the 55-day SMA and weekly S1 for the moment.  

42% of all SWFX positions are bullish in the morning on Tuesday, no change for a fifth day in a row. Alongside, only 38% of all 50-pip pending commands are positive, as the number increases to 41% for 100-pip orders.