The EUR/USD pair fell significantly during the course of the day after the ECB Monetary Policy Statement came out. However, the 1.08 level offered enough resistance to cause the market to bounce, and at the time of writing we are very close to the 50 day moving average again. With this, it looks like the market is going to continue to bounce around in this general vicinity and basically go back and forth between the 1.08 level on the bottom and the 1.10 level on the top. We don’t really like the idea of buying this market at the moment.
