EUR/USD: The pair is trading positive in the global market as fundamental support for the EURO has improved over cues from the German government’s recovery package announcement set to aid the auto sector. However, the majority of the pair’s rally stems from USD’s weakness, and USD has consolidated its hold around weekly lows preventing pair from breach 1.1200 handle in immediate and foreseeable future.
Cues from the U.S. market will provide short term profit opportunities but pair is unlikely to see major shift if directional bias resulting in price being trapped between 1.1100 – 1.1199 price range during North American market hours today.
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