EUR/USD is clawing back some of the modest lost ground seen in the last 90 minutes or so with the market rapidly losing interest after several exciting sessions. The EUR/USD seems to be in steady demand on any dip toward the 1.4950 area while some are willing to take profits above 1.5000.
Range trade could play out for the balance of the session unless the fancy-pants stock traders on Wall Street push the market decided in one direction as the session wears on.My guess is we could see selling later in the day now that the 1080 support level has broken. I’m only looking for 2-3% of downside, not Armageddon like many of the commentariat.
Just crossing the wires is a comment from a member of the German coalition government saying an extra budget is off the table in the coalition talks. That should be a very modest plus for the EUR.
We trade now at 1.4987.