EUR/USD bounced off to test long-term downtrend

The common currency surged more than 200 pips on Monday, as the EUR/USD pair was provided with substantial bullish momentum around the monthly PP at 1.1089. This line is also strengthened by the 100-day SMA, and they altogether pushed the Euro upwards. At the moment the pair is testing a long-term downtrend around 1.13. However, only a successful consolidation above supply at 1.1360 (monthly R1) will negate bearish risks, which currently tend to remain in place. 

The gap between long and short positions at the SWFX market has been completely unchanged during the past 24 hours, as bulls are still holding 47% of all opened positions.