Ho Hum

Yesterday's market activity did not lend itself to any profitable trading. The EUR/USD remained in a very tight trading range. The release of some Euro Zone data this morning has moved the pair lower. As the bias is lower in all time frames, we expect prices to head south. We may try to sell into rallies today, but will be very cautious as the EUR/USD currently hovers in 'no-man's land' between the daily pivot of 1.2595 and Fibonacci support at 1.2450.

We'll be looking forward to tomorrow when the FOMC minutes are released. Although not as powerful as the actual rate announcement, people we pour over each word to assign some significance. If nothing else it adds volatility to the market.