EUR/USD Traded In A Very Narrow Channel

The EUR/USD has been ranging since yesterday evening after mixed data from the United States came out. Today, we may see even more ranging due to the coming of the weekend and the quieting of markets worldwide. The only source of potential movement today is US Michigan Consumer Sentiment and Michigan Consumer Expectations and data coming out at 13:55 GMT. In the meantime, look for support at 1.3514 and resistance at 1.3640. Note that over the long term the dollar may climb as the Fed continues tapering the stimulus and considers raising the interest rates.

This morning, the USD/JPY began to retrace some of its losses from yesterday. Now, however, the pair is ranging ahead of the weekend. US data coming out later today may still cause some movement, though large fluctuations are unlikely. Due to long term bullish pressure on the dollar, the pair may climb again next week. Look for support at 101.08 and resistance at 101.80.