EUR/USD: Mixed bag but I’m still in range-trading camp
- Short-term momentum is bearish and with the EUR crosses also looking soft, the path of least resistance is the down-side.
- Some looking at Fibo support on 4-hourly (see chart) at 1.3030 but retracements don’t work in non-trending markets.
- But bids are reported 1.3030/45 and trailing stops are also noted above 1.3150.
- We had a look at this daily channel (see chart) last week and it still seems to be working nicely, with medium-term edges at 1.29/1.3450 now.
Buy big dips or sell big rallies but otherwise it’s a bit of a lottery imho.