EURUSD remains trapped in a broad range which was set coming into this year. Prices are holding below the June highs at 1.3418/3452, and we still look for selling to show here. Beneath 1.3298/3280 – channel and price support – is needed for a test of 1.3190/3186 – the early August price low and the 38.2% retracement of the July-August rally. We would expect an initial rebound here and its removal needed to set a top to test the 200-day average and the 50% retracement level at 1.3137/3103. Below here would look to 1.3021/2994 with key medium-term support at the range lows at the 1.2773/2662.
Above 1.3418/3452 would see further strength in the range to 1.3504/3521. Above here would aim at 1.3598 with the top of the range at the February spike high at 1.3711.