Talking Points:
The Euro paused to digest gains below the 1.12 figure against the US Dollar after hitting the highest level in a month. A daily close above the 61.8% Fibonacci retracementat 1.1195 exposes the 76.4% level at 1.1287. Alternatively, a move below the 50% Fib at 1.1121 opens the door for a test of the 38.2% retracement at 1.1047.
The available trading range is too narrow to justify entering a trade in line with our long-term outlook from a risk/reward perspective.With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.