EURUSD: Euro Ticks Higher on Monday

The single currency moved higher during the London session on Monday and was trading at 0.10 per cent stronger at around 1.1565.

The strong zone near 1.1550, offered support and bulls bought the Euro here again. If the pair trades above, the short-term outlook seems bullish. The first notable resistance for today's trading might be at previous highs at 1.1625, where the 100-day moving average is also located. Bulls need to conquer this level to confirm the bullish bias, with the next target probably at 1.17.

On the downside, bids might be located slightly above the 1.15 level, but if this support falls, bears could push the single currency toward October lows near 1.1430.

From a long-term perspective, the EURUSD pair has not moved over the last five months and this choppy trading might continue, despite the Fed raising rates and US yields soaring to multi-year highs.

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