EUR/USD's bears to face monthly R2

FX:EURUSD   Euro / U.S. Dollar
92 0 1
"Markets are looking to Yellen's testimony this week to see whether she will still leave an option open for a March rate increase or sound dovish."
- Sumitomo Mitsui Trust Bank (based on Bloomberg)

Pair's Outlook
Last Friday was the first bearish day for EUR/USD             in six consecutive trading sessions. After touching the third monthly resistance at 1.1246, the pair has immediately bounced back to close slightly above 1.1150. On Monday the volatility could wane, but the bears will continue aiming at the monthly R2 at 1.1115. Success here should put more pressure on the pair, in order to send it down to 200-day SMA at 1.1052. The moving average should in turn be able to underpin EUR/USD             along with the weekly pivot point at 1.1072.

Traders' Sentiment
Only 34% of all traders are going long on the common European currency on Monday, down from 48% before the weekend. On the other hand, more than 50% of all pending orders keep betting on EUR/USD's future gains.
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