EURUSD squeeze continues
The euro is starting to probe the middle of its three-day trading range against the US dollar as financial markets remain unimpressed with the lack of action from the ECB on Thursday. The risk is now to the upside for the EURUSD pair, with a further short squeeze towards at least the 1.1210 level still possible. US GDP later today is likely to prompt the next strong directional move in the EURUSD pair.
The EURUSD pair is heavily bearish while trading below the 1.1160 level, key support is found at the 1.1100 and 1.1050 levels.
If the EURUSD pair trades above the 1.1160 level, bulls could test back towards the 1.1185 and 1.1210 levels.