It seems that market participants are shying away from any risk right now.This risk aversion leads to unsteady and trendless markets with limited swings. Also, we have a U.S. market holiday on Wednesday which is why market participants may prefer to stay on the sidelines until Thursday. Thus, we didn’t see larger swings Monday with both EUR/USD and GBP/USD remaining confined to relatively tight trading ranges.
EUR/USD: Looking for short-term price breakouts, we are keeping tabs on a break either above 1.1680 on the upside or a break below 1.1570 on the downside.
GBP/USD: Looking for short-term price breakouts, we are keeping tabs on an upside break either above 1.32 or a downside break below 1.3090.
The only piece of economic data today will be the U.K. Construction PMI due at 8:30 UTC. From the U.S., we have Durable Goods Orders at 14:00 UTC but none of these reports is expected to trigger larger fluctuations in the market.
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