Since bottoming just below the 1.2600 level early this week we’ve pretty much been flopping around in a 1.26/1.2725 range. We extended that slightly to the topside today, reaching 1.2766 only to lose those new gains in a flash. A frustrating situation for anyone but the more dedicated and patient range-traders…
The market is a lot less short than it was just a day ago now so we’d expect stops at 1.2660/65 to attract greater scrutiny as the day wears on. After all, Mr. Market likes to hurt the maximum number of participants… EUR/USD trades now at 1.2695.
