EUR/USD opens lower as risk appetite grows

Markets foresee a consolidation of the Euro in the nearest future, following sharp upward moves earlier over the two preceding weeks. Monday opened with the spot below 1.1246/38, namely the monthly R3 and weekly pivot point. The first bearish target to meet is Feb 9-10 lows at 1.1162, followed by the monthly R2, weekly S1 and 20-day SMA around 1.11. The bulls should rely on this dense support, given that daily technical indicators are confident the EUR/USD pair will be able to resume advancing.  

Over the weekend the share of bullish traders has gone up to 46%, compared to 42% on Friday. Alongside, 56% and 53% of all pending orders are set to sell EUR vs USD in 50 and 100-pip ranges from the spot price, respectively.