EUR/USD session outlook: Look to find new trading range on higher plane
The short-term charts show quite an impulsive move higher but they also look over-stretched. Don’t forget that we are still in range-trading mode here so it’s a matter of finding the correct ranges to trade across all time-frames. Recent short positioning will have been greatly reduced on the move higher and as there has been no fundamental change in this pair, I’d expect sellers to soon exert a more meaningful influence.
Short-term, I’d suggest 1.2850/1.3125 as a likely trading range and for today’s session I’d play 1.2925/1.3010 with a neutral bias. As always avoid trading in the middle of prospective ranges and aim for the edges.