During the U.S. overnight, the Eurozone CPI was released. The numbers came in right on schedule with expectations and did not provide any surprises to the markets. Since then, the USD has posted a moderate gain against the Euro on what can be best described as “muted” trading.

Today’s range for the EUR/USD is 43 pips and price is currently dead in the center of that. Slow markets give us a chance to work on our discipline and update the trading journal. There is no wasted time in the market, only more time to get better!

EUR/USD Technical Outlook

The EUR/USD has been extremely active over the past six sessions, posting a nice run to the bull.

EUR/USD, Daily Chart

As you can see on the daily chart, Wednesday’s session made a test of the upper Bollinger Band just short of October’s high. Since that time the bears have dominated the action. Here are the key support levels for the rest of today’s U.S. session:

• Support(1): 38% retracement of current wave, 1.1743

• Support(2): Bollinger MP, 1.1709

• Support(3): 20 Day EMA, 1.1705

Bottom Line

As my colleague Skerdian talked about earlier in his forex brief, these markets aren’t going anywhere at the moment. Ranges are tight across the majors, and that looks to be the case for the near future. There is a potential trade for the EUR/USD on the board over at the signals page. Be sure to check it out as we roll toward the close.

On a side note, the U.S. House of Representatives is due to begin voting on tax reform after 1:30 PM EST. If there are fireworks in Congress, volatility may spill into the currency markets. It is a good idea to check the newswires periodically to stay current on the situation.