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    EUR/USD erodes monthly PP

    © Dukascopy Bank SA
    "In the short term, the euro will probably firm a bit more."
    - Atlantic Trust Private Wealth Management (based on Bloomberg)

    Pair's Outlook
    Towards the end of last week, EUR/USD erased important resistance at 1.0811, represented by the monthly pivot point. It allows the pair to build up a prolonged upside correction in the short-term, with a target at 55-day SMA (1.0938 at the moment). However, this level is strengthened by weekly R1 and the upper Bollinger band from the north, and these lines altogether are capable in holding bulls' intentions. Moreover, April highs are located around 1.1040, and they will put additional selling pressure on the Euro.

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market dropped back below 50% over the weekend to reach only 45% (-10%) in the morning on Monday. 

    © Dukascopy Bank SA

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