EUR/USD (current price: 1.0439)
The most traded pair drifted lower towards the end of the day yesterday, but it remained near the 1.0450 level throughout the session. With no major releases coming out from Europe and North America, technical levels played a more important role on Monday. The cross is still just 100 pips above the recent 13-year low. A re-test of those levels is possible in the coming weeks, especially if the recent Italian banking worries remain in the focus.
Our assessment: EUR/USD bounced higher last week, but the long-term trend remains negative. The 1.0350 level provides support, with resistance being ahead near 1.05.
