EUR/USD has reached the 50% retracement of the 1.4866/1.2330 decline at 1.3607 and is due for a bout of consolidation. The market has put on a sprint like we’ve not seen in months and needs a breather. Support is very minimal until 1.3500 on the intraday charts.
Next up on the economic calendar is the National Association of Home Builders index at 10:00 am. It won’t be very pretty. A readeing of 9 is expected, equalling the record low.
