EUR/USD in limbo between 1.1470 and 1.1345

EUR/USD was literally unchanged on May 6, after the monthly R1 turned to be a tough resistance that was able to limit the rally near 1.1475. This level is reinforced by the weekly pivot point throughout the new five-day period, thereby creating the first major supply for the pair. On the other hand, the bears are monitoring the area around 1.1330, with the monthly pivot being placed at 1.1346 and weekly S1 resting near 1.1320. Without strong fundamental drivers, EUR/USD is likely to keep fluctuating in this range over the next 24 hours. Alongside, the daily technical signals are slightly tilted to the north.

The distribution of SWFX positions continues to favour the bearish side in 54% of all cases. At the same time, pending orders are now set to acquire the common European currency in 51-53% of all transactions.