EUR/USD is still having trouble making up its mind. The shorter-term moving averages that I track (10 and 21 day) are headed sideways as prices dance around above and below them. Looking back over the last year’s price action, this is the most extended period of sideways action we’ve seen; a new “normal”, perhaps.
The medium-term charts remain constructive for EUR/USD but the short-term charts look a bit more ominous. I’D be inclined to fade strength toward 1.3980 with a tight stop above 1.4010 for a retest of the 1.3825 range base.
Next up for the market are US weekly jobless claims. A dip to 600,000 is expected. The third look at Q1 GDP is not expected to make waves. -5.7% is expected.
