The euro had a small rally against the USD that lasted the whole week last week, although within the range of the past 4 weeks. This week’s price pattern hasn’t been seen since last February, see blue box in graph, these past 3 days look very similar in daily range and pattern to the first 3 in the blue box. What followed was more sideways price movement and then a continuation of the major trend.
I expect tomorrow, with no major figures out, to continue this price pattern into next week and probably with lack of any news from Europe about Greece into the following when we have the next non-farm payrolls. Any weakness in these figures will make it even more difficult to think of a FED hike in June, postponing it for September at best always on the back of a recovery.