Three days of flattish trade but bias lower
EUR/USD tried for a third day to climb above 1.14 but was beaten back down below and trades at 1.1375, flat on the day.
Technically, the uptrend since the start of the year is well-established and it's not under threat at the moment. The blow-off top last week is a bit of a concern through and the US dollar has some broad momentum.
A level to watch on the close is 1.1369, which is the 61.8% retracement of the late-April rally. If that goes (and it already did on an intraday basis today) then odds are we see a full retracement back to 1.1217.
Fundamentally, there just isn't a good theme to grab hold of. Some worries about China and commodities yesterday have quickly faded. Risk appetite is up-and-down. The Fed and ECB are largely sidelined.
That puts the emphasis back on economic data but there isn't much belief or hope built into the market so it's going to take a long string of good or bad data to get the market amped up.