The EUR/USD jumped on Monday after media reports that European Central Bank officials were shifting their debate from bond purchases to the expected path of interest rates, reviving bets that the ECB may raise rates sooner than previously thought.

The dollar reversed some of its losses today as investors positioned themselves ahead of Wednesday's policy meeting at the U.S. Federal Reserve, which is widely expected to raise interest rates. We think that some upward pressure on the USD is still likely.

This is how MyFXspot.com trades today:

EUR/USD
Trading strategy: Short
Open: 1.2310
Target: 1.2200
Stop-loss: 1.2365
Recommended size: 3.64 mini lots per $10,000 in your account
Short analysis: On Friday the EUR/USD bears failed to register a daily close below the 1.2266 Fibo, 61.8% retrace of the 1.2155 to 1.2447 rise, and have subsequently been squeezed. But we may see another attempt to break below this level today. A close below 1.2266 would be good news to our short position.

GBP/USD
Trading strategy: Short
Open: 1.4010
Target: 1.3855
Stop-loss: 1.4085
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: The GBP/USD has topped out after probing the 30-day upper Bollinger-band, which is currently at 1.4075. The risk grows for a test of the 30-day SMA, which is currently at 1.3919. We have opened GBP/USD short at 1.4010.

USD/JPY
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: USD/JPY bulls have fought back and managed to break a cluster of recent highs, but the outlook remains mixed due to conflicting signals. Bulls need to overcome the falling 30-day SMA, which is currently at 106.89, a daily close above here is needed to confirm the bias has shifted to the upside. Fourteen-day momentum remains negative.

USD/CAD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/CAD rose to a fresh high of 1.3124 yesterday. Further resistance is 1.3132 the 61.8% retrace of 1.3793-1.2063 May-Sep 2016 dip. Bears need a move below the 14-day exponential moving average at 1.2940 to regain control.

AUD/USD
Trading strategy: Short
Open: 0.7705
Target: 0.7605
Stop-loss: 0.7755
Recommended size: 3.00 mini lots per $10,000 in your account
Short analysis: A new trend low is set and RSIs continue to slide. Bear sentiment in AUD/USD remains strong. A test of the 0.7625/55 support zone and possibly beyond is likely. We have got short at 0.7705.

EUR/GBP
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The new low that was set and falling RSI studies have the overall outlook bearish. The long lower wick on yesterday's candle suggested a bounce, but the move was not confirmed today.