EUR/USD tries to recover from 1.08

Bears approached the market on Friday, following earlier ECB comments about possible policy changes in March. EUR/USD dipped below 55-day SMA and monthly PP to close the week just under 1.08. In the Asian session on Monday, however, it attempts to regain strength and come back into the triangle pattern. If successful, it will reestablish our mild positive view towards the pair with a possibility to extend a rally up to 1.0950-1.10 area in the mid-term. In case EUR/USD stays below 1.08 today, the focus will turn to 1.0723 (weekly S1) for the next 24 hours and 1.0521 (recent low) for the long run.  

SWFX bears remain in the majority of 54% for open positions, as do the pending orders in both 50 and 100-pip ranges from the spot.