Vasilis Tsaprounis
Independent Analyst
The pair has been trading in a very narrow range at the 1,04 level as markets continue to be in a holiday mood with today's Black Friday following yesterday's Thanksgiving Day in the United States.
The lack of significant macroeconomic news greatly limited the range of trading and prevented the pair from taking any direction.
As we mentioned in yesterday's article we expected a mild correction for the European currency which temporarily brought it below the level of 1,04 but this correction did not continue.
The latest Minutes from the US federal central bank showed that the intention of the fed's officials is to slowdown the interest rates increase in the next meetings, something that currently works negatively for the US currency having limited the US government debt yields.
While on the part of the European Central Bank continue to maintain a more aggressive rhetoric about the Central Bank's intentions in the next meetings.
At the moment these two are the main justification for the latest upward movement of the European currency and its maintenance at the levels of 1,04 , and the question is whether without some new data the European currency will find the way for move even higher.
Due to the absence of major news the pair to continue moving in a narrow trading range is most likely for the rest of the day.
In such an environment we continue for the second day to maintain a waiting attitude as beyond a scalping strategy it is difficult to detect any specific direction.
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