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The major pairs are at their S1 or R1 pivot point areas as the European markets get ready for the U.S. futures market action to start, a normal place to hit on a daily basis. It is also an area that historically does not often move much further from, once the U.S. session gets underway.
Add in the fact that most major pairs are sitting at their 20 day SMA area as well and we have reason to think that the early move from the U.S. trade desks will be to reverse the major pair moves, and try to get dollar valuations back towards fair value, which is 50-70 pips away from current price points right now. To be able to move the major pairs lower against the dollar takes out a huge resistance area on the dollar index, something that Monday trade has not been that good at doing; Monday's and Major Continuation Moves do not often go together.
Wall Street equity trade will need to implode lower for the dollar to easily break the next area against the majors.