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Forex pairs in this Article » EUR/USD (Bali) - EUR/USD posted some marginal yet meritorious gains on Monday, as the pair recovered off 1.3507 lows printed in Asia, ending the NY session near highs at 1.3560.

EUR/USD short-covering dominant

The market was caught wrong-footed in the early European morning, with short-covering accelerating as traders reacted positively to Ireland's upgrade by Moody's from last Friday, leading to strong inflows into EZ bonds.

EUR/USD technicals

At the time of writing, the EUR/USD is testing the bottom of its daily cloud (broken last week), static resistance and 100-day MA at 1.3560/70 ahead of further congestion at 1.3580/85. As yesterday, when EUR/JPY cross flows put pressure on the EUR/USD, expect Tokyo bias to determine next moves in Asia.
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