The EUR/USD pair went back and forth on Tuesday, essentially hugging the 1.63 handle yet again. Because of this, we have no interest in trading this pair of the moment as it is essentially at the direct center of the larger consolidation area which we see as having a floor at 1.35, and a ceiling at the 1.37 handle. Ultimately, this is essentially where the market feels that the “fair value” is, and as a result this market is going to be almost impossible to trade for any real length of time here. We are on the sidelines.
