EUR/USD bounced back towards 1.12

A considerable drop in the beginning of trading on Monday managed to provide the common currency with a significant bullish momentum afterwards, and EUR/USD faced no issues when returning back above the 1.12 mark. The main daily resistance was offered by the long-term downtrend at 1.1260, reinforced by the weekly PP from below. Volatility of the pair is likely to stay in place in the near-term, and a possible Greek default may send the Euro downwards again with a target around 1.11 (monthly pivot point). 

The share of long open positions at the SWFX market expanded by two additional percentage points in the past 24 hours, up from 45% to 47%.