The euro had initially tried to rally during the trading week, but the 1.09 level offered a little bit of resistance to send the market lower again. And at this point in time, the market then fell towards the 1.08 level before bouncing again. All things being equal, this is a market that I think will continue to be one that’s very noisy and therefore I think it remains rangebound.
It’s very difficult to get overly excited in one direction or the other. And with that being the case, if we can break above the top of the shooting star from the previous week, that could show a shift in attitude, perhaps allowing the euro to travel to the 1.10 level on a break down below the 1.08 level, then I think the euro goes looking to the 1.07 level.
