EUR/USD probes 1.12 as bulls aim at 1.1260/95

EUR/USD is attempting to appreciate above the weekly PP/20-day SMA around 1.12, following weak Chinese trade balance data. All attention is now turning to the next resistance area above 1.1260, which starts from the monthly pivot point and continues up to the 23.6% Fibonacci retracement/weekly R1/Sep 2 high at 1.1295. These levels are safeguarding the next supply above 1.14 (May/Jun highs). A decline of the pair, however, may struggle again and is forecasted to be contained by a dense zone of moving averages at 1.1117/1.1082.

Bulls and bears are holding the equal number of open positions at the moment. Meanwhile, the portion of pending orders in 100-pip range from the spot is slightly biased in favour of bulls (52%).