EUR/USD touches one-month high

After erasing the long-term downtrend line around 1.1340, the EUR/USD pair moved further to the upside and pierced through the next major resistance represented by the Jun 10 high at 1.1385. Eventually, gains were extended above the weekly R1 to 1.1438, which is the highest level for the Euro/Dollar since May 18. Meanwhile, both daily and weekly indicators are now bullish, meaning that we may observe new highs in the medium-term, with the most realistic target being the May high at 1.1467.

 

The share of long open positions at the SWFX market plummeted substantially during the past 24 hours, registering the first change in two weeks, down from 47% to 40%.