200-day average the major line in the sand for EUR/USD in the bigger picture.

Looks like the no-brainer trade continues to be buying against dips toward the 1.2824 200 day moving average.

The level has only been penetrated once on an intraday basis in the last month. And the one day we dipped below the average we closed 50 pips above the average. Looks like the way to play is to buy on the approach of 1.2825 with a stop on a break below on a closing basis. Look to kick’em out on the rallies for 200 pips or so. Don’t get to greedy in a lethargic, range-bound market.