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Perhaps we will see a bit of early-week weakness in the euro, but as long as last week’s low at 11510 holds. On the weekly chart, the euro tried to put in a modestly bullish reversal bar, but it’s certainly not of the high-conviction variety. Resistance by way of a few lows from last year will need to be cleared on the daily time-frame; over 11760 should be enough to bolster buyers into pushing EUR/USD higher. A break below support will be reason for abandoning a bullish bias and working with the continued trend lower. It’s a bit of a tricky spot down here, but, again, there is a solid floor at the euro’s feet to work with in the days ahead. Traders haven’t been taking a strong stance one way or another in EUR, not like they have in other pairs which have made large one-way moves recently. But continue to monitor the situation as we trade around this pivotal area. Should we see a sudden the recent spike lower in net-longs (longs sell, shorts cover) continue, it could bolster the case for further gains. 
