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Following a sluggish start to the day the EUR/USD spiked as the eurozone M3 money supply figures were posted – both these and the private loans figures were disappointing. Following economic data releases the initial reaction is so often not the correct one and the currency cross has been drifting ever since.
The last eight months have seen this particular currency pairing struggle to break out of a well-worn pattern. Buyers appear when there is any weakness below the 1.2800 area, and sellers pop up every time it breaks above the 1.3200 zone. Range traders will have found this a comfort over such an extended period, but surely as time progresses something will force the EUR/USD to break this pattern.
Later in the afternoon we will see both US unemployment claims and durable goods orders, but it would take an exceptional set of figures to hinder the current sentiment.