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EUR/USD at midpoint of 1.25-26 range

FXStreet (Bali) - EUR/USD's price action on Thursday reinforced the notion that for now, with a market still over-stretched USD longs, a range environment between 1.25 and 1.26 is likely to cover short term eventualities, within the context of a broad downtrend still in place.

EUR/USD is presently in the midpoint of its range at 1.2445/50 along Asian hours. On Thursday, downbeat EU PMI’s combined with solid US CPI (1.7% yy) and the Philly Fed business survey, should have provided an excellent environment for the rate to resume its downtrend, but it didn't, suggesting that the market remains adamant of adding into entrenched USD positions.

According to Jim Langlands, Founder at FXCharts: "With little data due out, the pair could remain in range into the weekend, although Mario Draghi will again be speaking today (on “reshaping Europe” – could be a long speech!), and may take another chance to push the Euro lower by reiterating his dovish outlook on the growth prospects in the EZ, after saying earlier today that Europe needs an economic model that boosts growth and employment."

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