The recent 1.0570-1.0640 ish
trading range has to break at some stage, the longer we move3 sideways the more likely we continue downwards after this pattern, but in the mean time market sentiment and positioning feels like we could still get this squeeze up to the 1.09 area in the near term.
On the 15 minute chart this latest dump off in EURUSD
following the CPI
has given a (currently) strong divergence that would suggest a lack of downward momentum.
Watch the top of the range at 1.0640 for the break and don't be afraid to forget the squeeze if we break out of the other side!