EUR/USD trades marginally firmer from where we closed out last week in North America, presently up at 1.4895 from around 1.4855. Given the recent price action anyone would think there was still a lumpy 1.48/1.5200 dnt in play, but I don’t have any reports of such.
Not surprised to hear buy orders down at 1.4800/20, with sell stops noted on a move through 1.4790. On the topside sell orders touted at 1.4900/10 initially, which have so far capped the recovery.
Macro funds were seen buying overnight.
Not much in the way of Euro zone data scheduled for release today, which isn’t unusual for a Monday:
08:30 GMT: ECB President Trichet speaks at conference in Paris
09:30 GMT: Sentix investor confidence for December expected -4 from previous -7
11:00 GMT: German factory orders for October expected +0.8% m/m, -6.2% y/y
13:00 GMT: ECB President Trichet speaks
European stocks set to open lower.