The EUR/USD pair did very little during the session on Monday, essentially treading water at the 1.3350 level. This level represents a fair amount of noise and support going down to the 1.33 handle, and as a result with the lack of look quiddity as the Americans took their vacation day, market simply did not have the momentum to break either way.
However, one observation that we would make is that the Euro has sold off significantly since a few random words from the ECB. In other words, we feel that the selloff been a little bit extreme, but do not have the buy signal quite yet in order to start going long. Because of this, we are on the sidelines in the Euro at the moment.
EUR/USD Forecast February 19, 2013, Technical Analysis
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