EUR/USD's gains capped by monthly PP

EUR/USD rebounded in the direction of monthly pivot point on Friday. The pair reached its new July high at 1.1215, but was eventually forced to fall back below 1.1156. Trading continues on the green side Monday, despite lower opening levels during the Asian session. Nonetheless, the short-term outlook will stay moderately bearish, unless the Euro closes rises above the 55-day SMA at 1.1172. Moreover, daily indicators are signalling to the downside at the moment. 

Sentiment among SWFX market participants has been swinging around 50% for a fourth consecutive day, while the share of bulls decreased from 51% to 48% over the weekend.