The EUR/USD pair went back and forth in a fairly wide range during the session on Thursday in order to print a neutral candle. This neutral candle doesn’t exactly inspire confidence in one direction or the other, and since we are in a relatively tight consolidation range in our opinion, we are on the sidelines. We believe that the 1.38 level will offer resistance, just as we believe that the 1.37 level will offer support. That being said, we feel that this market is probably best avoided at the moment as it should continue to attract scalpers at best.
