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    EUR/USD continues fluctuating around 1.11 level on Monday

    © Dukascopy Bank SA
    "Both the Dollar Index and euro appear to be carving out a flag pattern. Flag patterns are usually continuation patterns. If valid, it would suggest that from a technical point of view, addition dollar gains are likely."  
    – Brown Brothers Harriman (based on investing.com)


    Pair's Outlook 
    The US Dollar has been fluctuating around the 1.11 level against the Euro for the past three trading sessions. However, the general trend is a slow surge of the Greenback against the European common currency. The 1.11 level for the pair is located between the monthly pivot point from the upside at 1.1149 and a support cluster made up of the weekly pivot point and the 200-day SMA at 1.1092/1.1095. Daily aggregate technical indicators forecast a depreciation for the Buck against the Euro.

    Traders' Sentiment 
    SWFX traders have increased their bearish stance, as 55% of open positions on Monday morning were short. In the meantime, pending orders in the 100-pip range have become also bearish, as 57% of orders are short.
    © Dukascopy Bank SA

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