EUR/USD trading within range, testing resistance near 1.18. Source: TradingView
The Euro dropped again during trading on Thursday as we reached the 50-day EMA. Interest rates in America rose overnight, so that brought in US dollar strength. I don’t know that this is anything more than just continued consolidation as we have reached the top of the overall range for the last almost year.
So, a pullback made a certain amount of sense. As much noise as we see in the Euro, the reality is, we’ve been in this range for what seems like a lifetime, and at this point, we’re getting close to the middle of it. So, to use a phrase that is quite popular, don’t diddle in the middle. This is a neutral market.
