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EUR/USD bounced back towards 1.12

© Dukascopy Bank SA
"A very short lived move to $1.0960 early Monday has seen the euro rebound strongly suggesting that there is more life in the current rebound off the recent lows than originally thought."
- Michael Hewson, CMC Markets (based on WBP Online)

Pair's Outlook
A considerable drop in the beginning of trading on Monday managed to provide the common currency with a significant bullish momentum afterwards, and EUR/USD faced no issues when returning back above the 1.12 mark. The main daily resistance was offered by the long-term downtrend at 1.1260, reinforced by the weekly PP from below. Volatility of the pair is likely to stay in place in the near-term, and a possible Greek default may send the Euro downwards again with a target around 1.11 (monthly pivot point). 

Traders' Sentiment
The share of long open positions at the SWFX market expanded by two additional percentage points in the past 24 hours, up from 45% to 47%. 

© Dukascopy Bank SA


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