EUR/USD rose for most of the session as the Euro gained against the Dollar in a Fed-induced selloff. The extension of ultra low interest rates has the Dollar on the back foot, and as a result the Euro gets a bit of a reprieve.
The pair is still caught between the two levels that we mentioned yesterday: The 1.32 and 1.31 handles. This shows a tightening of the range, and with the Non-Farm Payroll numbers coming out on Friday, three is a real chance this pair stays there. With this in mind, we aren’t trading it at the moment.
Written by FX Empire