A lot is being written about the EUR and the direction in FX.

This is a classic chop-fest. On one side, fundamentals point to a weaker EUR as the FED is becoming less dovish vs ECB. On the other hand, that fact has been discounted and positioning probably is LONG USD. For now we feel we will trade 1.1525 – 1.1625 watching the breaks on either side.

1.1480 – 1.1500 would be a break on the downside

1.1680 – 1.1700 would be a break on the upside.