EUR/USD bounces, but struggling with 1.06 resistance

  • EUR/USD has bounced off the 1.0520 level and there is talk that sovereign names had demand for Euros at those levels
  • However, bears remain in control and the pair didn’t sustain momentum above 1.06
  • Offers are reported at 1.0620 and in better size around 1.0680
  • Key resistance now at 1.0720, break above that level needed to trigger larger short squeeze
  • Price action likely to become more quiet in the next few sessions as traders are waiting for the ECB meeting on Wednesday

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