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    EUR/USD holds below 2003 low

    © Dukascopy Bank SA
    "The negative headlines about Greece, in the absence of anything major, are driving investors to pare positions in the euro."
    - UBS (based on ubs.wallst.com)

    Pair's Outlook
    Provided with considerable downside pressure, EUR/USD declined noticeably on Monday. The pair pierced through 2003 low and 20-day SMA to drop as low as 1.0720 by the end of the day. Now the Euro is supported by weekly PP, but stability above this level seems to be fragile, and the pair may resume declining soon. The main bearish bias remains in place, and the risk of testing 1.06 (weekly S1) in not off the table. In case this line is breached, the target will move towards Bollinger band, currently at 1.0542.

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market remains positive at 51% in the morning on Monday, down two percentage points during past 24 hours. 

    © Dukascopy Bank SA

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