Markets Struggle

Worse than expected EU data during the London session has put a temporary halt on the EUR/USD rally. After booking a profit on the recent retracement we are now faced with a rangebound market broadly defined from 1.4650 to solid support at 1.4550. US consumer confidence numbers come out this morning and should have little impact on that range. Indicators are mildly bullish but we will tread lightly with scalping opportunities and tight stops until the next breakout.