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EUR/USD waiting for the lights to change

The price action around 1.07 in the EUR/USD, for what seems like ever and a day now, is clearly waiting for something to shake it out of the current sideways price action. It is like a car stuck at the  traffic lights, waiting for a signal to change. Of course that signal could come from the US CPI report later today. That will be released later, at 1.30pm GMT and until then the price action in the EUR/USD, remains as it has for a while now, pivotal around that 1.07 handle. Quite simply, higher than expected US inflation means higher US bond yields and a higher dollar, whereas the opposite applies if the CPI report comes out below expectations, especially the core rate. I have already noted what the markets are looking for in the data, so it will not be repeated again here. Meantime, the EUR/USD is waiting for the lights to change and hopefully deliver something more dynamic than we have seen for a good long while now. Probably the worst thing that can happen today from a trading perspective; is if the CPI data is in line with forecasts. The EUR/USD is just now trading at 1.0704

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