Dull Market Allows Only Small Movements

Dear Traders,

Yesterday was another quiet trading day in the summer markets. The euro’s upward movement towards 1.12 provided bullish traders a small profit, whereas the cable lacked direction and traded sideways roughly between 1.31 and 1.30. Sterling traders should now wait for a sustained break above 1.31 to buy or, respectively, a break below 1.2990 and 1.2950 to sell pounds.

The euro flirted with the 1.12-level but proved unable to overcome the recent resistance level at 1.1190. Euro bulls would need to push the currency pair above 1.1220 in order to increase the chances of further upside momentum towards 1.1250 and 1.13.

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