EUR/USD's bears to face monthly R2

Last Friday was the first bearish day for EUR/USD in six consecutive trading sessions. After touching the third monthly resistance at 1.1246, the pair has immediately bounced back to close slightly above 1.1150. On Monday the volatility could wane, but the bears will continue aiming at the monthly R2 at 1.1115. Success here should put more pressure on the pair, in order to send it down to 200-day SMA at 1.1052. The moving average should in turn be able to underpin EUR/USD along with the weekly pivot point at 1.1072.  

Only 34% of all traders are going long on the common European currency on Monday, down from 48% before the weekend. On the other hand, more than 50% of all pending orders keep betting on EUR/USD's future gains.