- BMO Global Asset Management (based on Bloomberg)
EUR/USD continued to trade in a tight range on Thursday, owing to lack of major fundamental and technical drivers throughout the day. Closest support, namely the weekly S1 at 1.0586, is not considered as a very strong one. However, it may succeed in containing losses on Friday amid quiet end of the working week. Yesterday the total trading halved and reached the lowest level since May-end, which justifies current low turbulence in the FX market.
Bank Holiday in the US resulted in no change for distribution between and positions, which holds at 51-49%. As for the pending orders, 47% of commands are set to buy the Euro in 100-pip range, down one percentage point from yesterday.