EUR Trading Outlook (14-01-2015)

EUR/USD The EUR was broadly offered against the majors today. This saw EUR/USD trade heavy and threaten the 1.1750 level but it was unable to do so. IT held to a 1.1753/1.1800 range for NY and it sat nearer to the low end late in the day. The pair was unable to break the tight range as it was buffeted by EUR/JPY’s dive from 140.50 to 138.44 and USD/JPY’s dip below 117.60. However, with EUR so well offered across the board it’s likely EUR/USD will clear the 1.1750 soon as rallies have been meager and those looking to fade them have had no real chances to do so. Should the level break it’s likely a new bear leg begins and the pair then makes its run at the June 2010 low near 1.1640.