EUR/USD rallies for sixth consecutive day

After substantial turbulence on Tuesday, the most traded currency pair continues gaining value in the morning on Wednesday as well. EUR/USD is intended to consolidate above the long-term downtrend. However, rally will encounter a strong supply area soon, which is located around 1.1080 (weekly R2; 100 and 55-day SMAs). Therefore, unless all mentioned levels are penetrated, our views towards this cross remain moderately pessimistic. 

The share of bulls was down two percentage points to 46% in the past 24 hours. Meanwhile, the portion of long pending orders in 100-pip range from the spot dropped from 58% to 46%.