What is it going to take to move the euro?

The most traded currency has become the most boring currency

It's really saying something when even a big story about the ECB tapering only brings about a 50 pip chop over an hour. Whatever your view on the taper story you can't argue with the price action. So what will it take to get the euro moving one way or another?

EURUSD daily chart

Technically, you could fill this chart with many valid trend lines to suit different timeframes but I'll try and stick to the ones I think are most pertinent right now. What they do show is that the euro is being held within a very tight range and is unwilling to move anywhere right now.

That might not last too much longer as we still have two ECB meetings to go and already there some pressure being put on the December meeting in lieu of the upcoming QE end date. The next ECB meeting is the 18th and that's where Draghi will really be pushed on the taper thing, if he doesn't touch on it sooner at his IMF appearance or elsewhere. Even so, the clock is conspiring to bring the question of QE to a head in March, and it's between now and then that the euro might finally wake up and make a real move.

Until that happens, the lines are well drawn and can be traded appropriately. Right now it's not a market to try and grab 100's of pips on each trade but there good money to be made on 30-50 pip swings between the levels.