The EUR still looks heavy on the crosses especially against the JPY and the GBP and this should ensure plentiful supply of EUR/USD on rallies. On the other hand the market does seem to be a bit short on EUR/USD which should encourage plenty of demand on dips.
All up, a perfect recipe for some range trading with initial support levels at yesterday’s Asian session highs near 1.2925/30 and resistance at Friday’s post-NFP spike at 1.3020.
