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EUR/USD mostly sideways for now
The EUR/USD peaked at 1.0593 on Friday afternoon. It then fell back after the US retail sales and Empire manufacturing data releases hit the screens. Both were better than forecast and in the case of the Empire index, impressively so. So, the EUR/USD eventually dropped back to a low at 1.0516 just ahead of the weekly close in the US. The Euro actually closed on Friday at 1.0540. The range seen so far today has pretty much skirted that close, covered by 1.0526 to 1.0556 so far. The trend is still negative and only a move back above 1.0685 on a sustained basis might change that. That said, there is always room for a rebound of sorts. The reader is also again reminded of the technical picture, which is intact and continues to argue for a move towards 1.0150 in the days and weeks ahead. The EUR/USD is currently trading at 1.0548
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