EUR/USD stays flat

EUR/USD continues to fluctuate within a tight range this week—between 1.32 and 1.3150. And even though the daily and weekly studies are mostly pointing South right now, there is a good chance the currency pair is going to re-visit the resistance at 1.33 before launching an attack on the 2013 Sep low at 1.31. If this support is broken, the Euro will be expected to set course towards 1.2750, which is the last year's trough.

The bullish sentiment keeps on strengthening. Already 63% of all positions are long. However, the resources needed for their share to grow are rapidly depleting—only 18% of pending orders are set to purchase the Euro against the Buck.