EUR/USD tumbled to settle near 1.0830

EUR/USD posted minor losses during the first trading day of 2016, even though daily highs and lows ranged from 1.0950 to 1.0780. Weak US production data limited that Euro's decline on Monday, and the pair managed to close above the crucial support represented by the monthly pivot point and July 2015 low. Focus remains on the downside, as it seems that EUR/USD is building another bearish channel in the daily chart. However, inability to violate the 1.08 demand for a second time could result in purchases of the pair and an advance in the direction of the weekly pivot point at 1.09.  

The SWFX bulls are still remaining in the minority of 43%, while the bears are holding 57% of all positions at the moment.