EUR/USD Technical

The pair just hit its daily highs few seconds ago so the move is totally in accordance with our earlier expectations as candlestick patterns from the most recent days show that there is a large capped demand, which pushed quotations up. As far as candlesticks are concerned, the current set justifies expectations for the rate to reach 1.1100-1.1110 as the next step. We shall see what happens next there.

While we look at open positions number we can see that current gains made also some traders close their positions (both longs and shorts) so we treat this as a sign that bears noticed they won't be able to push the rate through 1.0880.