EUR/USD oscillates below 1.09 by Tuesday

Trading was purely technical during Monday sessions in Asia, Europe and US. EUR/USD saw dropping trading volumes to the lowest level since January 3, which triggered a marginal downward volatility to push the pair under 1.09. It refrains to return back into the bearish pattern, meaning our short-term positive outlook remains relatively intact. The pair is required to surge above 100-day SMA at 1.10 to confirm its positive intentions, but much higher turbulence will probably have to wait until full-of-data Wednesday.

The percentage of bullish open positions in the SWFX market has been flat at 44% since our previous report on Monday. At the same time, long pending orders in both 50 and 100-pip ranges from the spot tumbled to 50% and 44%, respectively.