EUR/USD continues to give ground at midday in the US. The stall in the US equity rally ahead of important technical resistance at 1120 in the S&P may be contributing as has the inability of EUR/USD to remotely keep pace with gold which races to new historic highs by the day while EUR/USD plies familiar ranges.
Longs must be asking themselves what it’s gonna take to light a new fire under EUR/USD. Only a very hawkish tone from the ECB (unlikely) is seen as a catalyst for the next leg higher in EUR/USD.
Stops are seen below the 1.5030 level and again below 1.5000 but Asian bids are seen not too far below the 1.5000 level, traders confirm. EUR trades now at 1.5033.