‘The dollar shrugged off early modest losses in holiday-thinned Asian trading on Monday, while solid European inflation data underpinned the euro.’ – Reuters Tokyo markets team
Pair’s Outlook
EUR/USD opened in the red zone on the daily chart, showing a solid downward movement just after it had opened significantly above Friday’s closing price. The motion is currently being cut by the weekly Pivot Point at 1.0890, but the area might not be enough to keep the cross above Friday’s opening level. The next potential target could be 1.0856, the upper boundary of the hourly unconfirmed channel with the 200-hour SMA at 1.0837 coming up next. In case the motion reverses, 1.0888 could come into play on the upside.
Traders’ Sentiment
SWFX traders remain bearish, as 59% of open positions are short, and 54% of trader set up orders are to sell the Euro.
