EUR/USD is little changed below weekly PP

On Monday, the EUR/USD currency pair remained broadly unchanged due to lack of impetus on either bullish or bearish side. The cross continued to hover below the major resistance line around 1.1860, represented by the weekly PP and 2010 low. For now it seems that the pair is trying to gain and renew its long-term bearish tendency, meaning that in the foreseeable future we may see the Euro falling down to the monthly S2 at 1.1781. Technical studies on a daily chart, in turn, are also giving negative signals.