EUR/USD holds above support at 1.1225

Fluctuations of the most traded FX currency pair were quite limited on Monday, mainly owing to emptiness of the economic calendar. Daily range stood within 20 pips, meaning EUR/USD is maintaining 1.1227/23 as the immediate support. We are thereby not ruling out a spike to 1.1310 where the pair is going to meet the multi-month downtrend. Failure there would be the second one in four days and would diminish our future outlook. Adding to that, the daily RSI indicator supposes the cross is overbought, even though such a view is disagreed by many other daily indicators.

Even though the short market participants in the SWFX market are holding the portion of 56%, this is their lowest level in five working days.