After a frantic Friday rally, EUR/USD has fallen into a quiet consolidation after stalling at a months’ old trendline in the low 1.28-teens and ahead of 200-day moving average at 1.28375. Barrier options are layered up at 1.2825 and 1.2850.
Solid buoying interest is seen on dips to the 1.2750 region, traders report.
It looks as though the “easy money” for this move has been made and we’ve reached levels where longs are willing to trim back positions ahead of this week’s considerable event risks. Some of the highlights will be
tomorrow’s Wednesday’s German court decision and Dutch elections and the Fed on Thursday.
The US calendar is very light today, with only the Conference Board’s Employment Trends index (14:00 GMT) and the consumer credit figures (19:00 GMT) set for release today.