The big rally saw us run right back up to the top of our range at 1.1850. We now don’t have a clear direction so we will have to focus on playing the range for the time being.
I’m looking to enter long on a push to 1.1700.Given the quiet week, I don’t think we will have the volume to push us back to the lows just yet.
EUR/USD 240 min Chart - EUR/USD is back in Range
Central Bank Minutes the Key Drivers
Last week was action packed for the EUR/USD as it finally showed some signs of being able to rebound after what has been a sustained sell-off. While the key events for the Euro last week were CPI out of the Eurozone on the ECB Conference, neither really seemed to be the spark, as the buying started on Tuesday and was lead buy large volume.
This week we have Central Bank minutes due for release which have the potential to push us around further. The ECB will release their minutes which will focus on the asset purchase program. While the FOMC minutes are all about the potential for a December rate hike that appears to be all but a certainty.
Technical Analysis - The Key Levels
The EUR/USD is right back into the range between 1.1700 and 1.1850. We tagged the highs on the run-up early in the week and I’m looking for the bottom of the range ot holdup as we might have light volume this week with the Thanksgiving holiday in the US and reduced trading hours.
EUR/USD - Key Levels
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