It appears that the vacant economic calendar and slow trading conditions are promoting a rotational EUR/USD. Until Friday’s U.S. CPI release, I expect this market to trade between the 38% Current Wave retracement (1.1612) and the June/July Double Bottom (1.1510).
In the event the EUR/USD fails to sustain trade above the 1.1612 area, then we are in a position to test the Double Bottom just above the 1.1510 handle.
For the remainder of the week, here is the trade: Entry: Buy 1.1512 Stop: 1.1474 Profit Target: 1.1549 Risk vs Reward Ratio: Very near 1/1