Our weekend EURUSD analysis noted that price was trading around the weekly demand area which roughly spans between the 1.2750 – 1.2850 zone. The euro/dollar pair was likewise trading at the 2nd ascending trend line as shown on our weekly chart – after breaking under the steeper trend line last week. Our analysis noted that this “weekly demand area may see an element of short covering” from the EURUSD bears, and this has indeed proved to be the case during trading on Monday. We still note that the EURUSD pair is trading under the weekly timeframe engulfing candle, which has given us a longer term bearish directional ... (full story)