TechnoMeter

Last week, EUR/USD traded relatively in-line with our tempered expectations – the euro chopped around with little net effect for the week as the ECB-driven move from the Thursday before took time to digest. Overall, a second test of significant support held this past week, keeping sellers at bay for the time-being. Will one side or the other win-out in the days ahead, or will it be another week-long bout of choppy price action? The thinking in this corner is that there will be a little more upside, but it may not be easy, so a continuation of last week's wobbly price action will be unsurprising.



With a bit more strength, the euro will quickly find itself contending with the trend-line running lower from a swing-high in April passing over the high from the ECB-day. This could be enough to put a cap on a bounce and turn the euro back towards another test of support. Should we see a clean closing bar break of 11508, look for an acceleration in selling.

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