EUR/USD rallies 230 pips, most since March 18

EUR/USD surged the most in more than two months on Tuesday, helped by the Euro zone returning to inflation. Bullish movement was only stopped around the 1.1150, when the pair had already accumulated a 230-pip daily climb. A number of important resistances were violated, and now the pair is free to jump further up to the weekly R3 at 1.1245. However, downside risks are not off the table, especially in case the Euro fails to consolidate strongly above 1.1089 (monthly PP; 100-day SMA). 

The gap between long and short positions at the SWFX market is unchanged at eight percentage points at the moment, as bulls are still holding 46% of all opened positions.