FXStreet (Edinburgh) - The single currency is clinging to the 1.0900 handle early morning in Europe amidst an empty docket in Euroland and markets biased towards the risk-on trade. “As pointed out yesterday, we were not convinced the sharp drop last Friday is the start of a sustained down-move. The rapid recovery yesterday reinforces our current neutral view. Only a daily closing below 1.0775 would indicate the start of bearish phase”, suggested the research team at UOB Group. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented “Last week’s EUR/USD failure at 1.0968 has reinforced resistance there but the market is essentially side lined. In order to trigger a move on the downside we need to erode the 1.0776/11 January lows. Intraday Elliott counts are suggest another upside attempt but this should not extend beyond 1.1000/60”. For more information, read our latest forex news.