EURUSD (1.198657): The EURUSD remained at the monthly lows, albeit with price action testing a fresh 5-month low on an intraday basis. The euro managed to pull back from the lows briefly to settle above the support level of 1.1934. This potentially indicates a rebound in price action in the near term. The lows formed on Friday also coincided with the Stochastics posting a higher low. The bullish divergence could be validated on a close above 1.1988 where minor resistance is seen. A breakout above this level could signal a move toward 1.2090 – 1.2070 level of resistance initially.
