Not exactly sure why EUR/USD has decided to get directional within a relatively tight 125 pip range, but we have. I doubt it was the two relatively upbeat bits of third-tier US economic data (University of Michigan consumer sentiment survey, LEI…) .
The range base at 1.2255 is next support of note with good buying seen down to 1.2240 on order books.
One wonders whether the 800 lb gorilla of the market sold some EUR/USD this morning, our friends at the SNB. Lord knows they have hundreds of billions of euros to go…
