EUR/USD opens lower at 1.073 on Monday

On Friday the Euro resumed sliding down and reached the monthly S1 at 1.0768 by the end of trading, even though the lead of bears was extending as low as 1.0713. On Monday EUR/USD opened lower amid impactful political background in Europe. Nonetheless, we expect a sideways development throughout the whole session in the beginning of this week. Mid-term sentiment has a bearish bias, with short traders targeting the Apr low at 1.0519. In this case, at first the recent low (Nov 10) at 1.0673 should be crossed to confirm those downside intentions.

Bulls raised their share to 55% by Monday morning, the highest level in almost 15 weeks. Pending orders, however, deteriorated to just 39% for bulls in 100-pip range from the spot market price.