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EUR/USD edging lower but still rangebound

The EUR/USD is holding a tight range again so far today. The price action since last week has rejected a concerted move either side of 1.09 and 1.10. The US CPI data on Thursday might shift that, but for the time being it is stuck in the middle and once again seemingly acting as a wash through for a number of Euro crosses. That is not at all unusual, but it can and does plague directional movements for long periods. The EUR/USD closed in the US last night at 1.0950. The range seen so far today has been covered by 1.0939 to 1.0966. A degree of patience is therefore required right now and it needs some directional news that can sustain a more directional move. The year is only just underway and the markets need a trend to latch onto and right now that is not revealing itself just yet. It will emerge in due course, but for now its seems like the EUR/USD is watching and waiting to see how Q1 will develop for the dollar and the Euro. The EUR/USD is currently trading at session lows, right now at 1.0939

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