Quiet Start For The EUR/USD

So far in the U.S. session, trading of the EUR/USD has been tight. We have seen a daily range of 39 pips. The technicals are leaning bullish. Last week’s swing high of 1.1776 is an area of interest.

EUR/USD 30-Minute Chart

Currently, the EUR/USD remains in an uptrend on the daily timeframe. Last Friday’s high of 1.1763 is a key number to the upside. The 30-minute chart is looking bullish since the U.S. open, with intraday traders going long. A possible test of last week’s high may be seen in the near future.

During overnight trading, several inflation metrics were released for the Eurozone:

• July Consumer Price Index (Core, Year over Year): 1.2%

• July Consumer Price Index ( Year over Year): 1.3%

• June Retail Sales (Year over Year): 0.3%

All in all, the numbers met expectations with no big surprises. Tomorrow's release of GDP stats for the Eurozone is likely to generate high volatility in the market. Traders are advised to stay aware of changing market conditions. Ultimately, we will see some great opportunities over the next few days. As of now, there isn't any reason to force a trade. 

While the markets are quiet now, things can change rapidly. It is not uncommon to see periods of compression before a big move. As always, patience is a virtue.