EUR/USD snapped out of a tidy hourly downtrend this morning and quickly retraced 61.8% of the move from 1.3340 to 1.3166. It looks very much like the market has cleared out most of the orders on both the buy side and the sell side between 1.3150 and 1.3350 and it is pretty much an open playing field between those levels so be careful about taking a punt in the middle of the range without a strong reason for doing so,
1.3274 is the 61.8% retracement of the drop from 1.3340, penetrated by a few pips.
The ADP employment report is next up for the market; -655 is the median forecast.
