EUR/USD approaches the 20-day SMA

Yesterday EUR/USD continued to appreciate and stepped notably up. The price increased to a 1.3456 level, where the 20-day SMA merges with the weekly PP. However, the price remains in the lower part of the Bollinger bands, thus bullish sentiments are more likely to turn into a downside movement. In case the current resistance level is strong enough, the price might slip to 1.33, the 100-day SMA, or even lower, where the Bollinger band is located.

Distribution of EUR/USD positions does not change and the majority remains bearish. There are 43% of long positions and 57% of short positions. Pending orders' market is slightly bullish, with 54% of orders for a long position and 46% for a short.