Very tight range in EURUSD so far today and the levels are clearly defined
1.2180 is you support while gains so far are limited to 1.2220/25. Through there, 1.2240/45 awaits.
We’re still on bond watch but US yields are keeping well below the highs from yesterday with a series of lower highs.
That’s helping the wold from the 109 door in USDJPY but it’s still not giving an inch on the dips. The best we got from the 108.92 high was 108.77.
I get the feeling that if US 10’s don’t have another meaningful test of the 3% level soon, traders might lose patience and we’ll see a steeper pullback, and that might drag the dollar with it.
I’m still long some EURUSD from yesterday and today and I want to see the 1.2220 area taken out fully. The sentiment is still with the buck so longs need to remain cautious. I also remain short at 108.90 and I’m looking to take some off around 108.70/75.