EUR/USD holding a relatively tight range so far today

The range seen in the EUR/USD yesterday was in excess of 125 pips and so far today you can see it has compressed a bit more. So far we have the price action covered by just over 50 pips, with 1.1316 to 1.1368 surrounding it. That is not likely to hold by the US close tonight. The highs and lows seen yesterday were at 1.1296 and 1.1425 and right now those look like the potential break points today. Overall the dollar is still very much on the defensive, despite not losing much ground so far. The EUR/USD closed in the US last night at 1.1351, so as you can see it is right now not much removed from that closing level. The German ZEW might have an impact a little later this morning, but that is not always the case and it really depends on whether or not that index  delivers a major surprise. There will be more to add as the morning unfolds, but it is worth noting: the trend is so often your friend folks. The EUR/USD is right now at 1.1330