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EUR/USD still stuck in the middle for the time being
If we look at the most recent price action on the EUR/USD we can see support at 1.0800 and resistance at 1.0900. Those levels have defined the range for several days now and in truth that does not look like changing immediately either. So, right now the price action is pivotal, right in the middle of that outlined range. Eventually, it will break and the question is which way will that be? Well, looking at all the fundamentals in place right now, the odds look skewed to the downside. Perhaps the important US data release this week, which might determine that could be the PCE report on Friday, at 12.30pm GMT. If that shows a marked increase in prices, then US yields should react and the US 2 Year note could extend above 5% and consequently drive the dollar higher. For now though, it looks like more of the same, as the Euro trades in the middle of that range, currently at 1.0845
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