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EUR/USD has edged higher on what has proven to be a turnaround Tuesday for the US dollar, the pair trading as a function of the Dollar Index (DXY) which dropped Asia Pacific session highs above the 90.50 mark to lows under 90.20 by the start of US trade. EUR/USD has, thus, rallied from APac session lows of just above the 1.2100 level and pretty much bang on the pair’s 21-day moving average at 1.2107 and has rallied back to the north of the 1.2150 mark, up 0.2% or just over 20 pips on the day. US weakness is in line with a broad uptick in the market’s appetite for risk since the start of the EU session that has seen other FX havens (CHF and JPY) come under pressure and more risk-sensitive currencies (AUD, NZD and GBP) outperform.

It should be noted that the Wednesday FOMC meeting and announcement could have a major influence on this pair, but we also have to worry about the ECB stepping in and doing more as well. I think we are essentially going to see a lot of back and forth in general, carving out this 300 PIP range for more of the consolidation range. All things point to more back-and-forth trading, but it certainly seems to have more of an upward bias.

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