Concerted efforts to push EUR/US below the 1.4600 level overnight failed and now the market is growing comfortable with the idea of consolidation between 1.46 on the downside at 1.4850 on top.
Markets are nervous this morning amid the fresh fresh revelation that Iran has a second nuclear enrichment plant in the works. This ups the stakes for the west as they try to figure out a sanctions regime which has teeth so as not to appear powerless.
EUR/USD trades at mid-range with many of the shorter-term EUR bears already squeezed out of the game.
US durable goods are due shortly and will be the immediate catalyst for prices. A rise of 0.5% is expected after last month’s spike of over 5%. Beware big revisions to last month’s data.
EUR/YS trades at 1.4665.
