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EUR/USD intends to develop higher, tough supply ahead

© Dukascopy Bank SA
"The euro is firm because of reports that Greece has made new proposals. The euro's collapse is unlikely because markets have already priced in such risks. The Greek problem isn't shaking up Italy and Spain."
- Monex Inc. (based on Bloomberg)

Pair's Outlook
In spite of volatile movements on Friday, the Euro managed to remain just below the monthly R1 resistance line around 1.1360. Today, however, the pair attempts to increase in value, even though it faces a tough band of resistances ahead. A direct near-term supply is offered by the May high and weekly R1 at 1.1460/67, followed by the Feb high at 1.1534. Therefore, the risks of failure are still in place, as EUR/USD may struggle to overcome the mentioned technical levels. 

Traders' Sentiment
After plunging considerably to the smallest level in 32 trading days on Friday, the total share of long open positions at the SWFX market remained unchanged at 40% during the weekend. 

© Dukascopy Bank SA

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