EUR/USD has slipped back slightly in early European trade, presently at 1.4870. Sell orders up at 1.4900/10 are proving a barrier to the upside. European stocks set to open lower is probably weighing a little.
Can’t help thinking something changed last week. We started out with conventional wisdom touting the ECB a candidate to tighten monetary policy fairly early, while the Fed was seen sitting on it’s hands for some considerable time.
The ECB duly did little at it’s latest meet, while strong US jobs data has prompted the market to bring forward its timeline for a Fed tightening.
I’d like to see a breach of 1.4800 to confirm we’re really onto something. While that puppy holds we’re effectively rangebound with 1.48/1.5200 (maybe even 1.48/1.5150) well-documented parameters. DNT anyone?
