Stuck In A Range

The EUR/USD pair put in some sideways motion yesterday.After failing to break 1.3300 the market drifted back to support. Traders are now waiting for data to move the market. The US ISM manufacturing numbers are expected to show a slight improvement over last month. We also have the release of the minutes of the December FOMC meeting. While little is expected in the minutes it does give the market an excuse to exhibit more volatility. We will still watch for a break out of the current range. Intraday indicators are rolling over from oversold territory and we will try to scalp the market today.