EUR/USD still below 1.10

EUR/USD traded in a soft downtrend on Monday, while overall this currency pair remained hovering below the 1.10 mark. The short-term outlook will be somewhat bearish, as long as the long-term downtrend/recent high around 1.11 stay intact. Additional pressure on bulls should be created by the monthly/weekly PP at 1.10. Bears are going to aim at the Jul 30 low near 1.0893, which is followed by the May/Jul low at 1.0818/08. On the other hand, daily and weekly technicals are neutral at the moment.

  

The share of bullish open positions in 100-pip range advanced from 53% to 55%. Long pending orders, however, dropped significantly from 53% to 36% during the past 24 hours.