EUR/USD has traded choppily this morning with bouts of jitters over a potential rise in protectionist tendencies in the US Congress with Democrats taking control of the House and poised to take control of the Senate. Sovereign sellers above 1.2800 are helping keeping a lid on rallies while bearish divergence on the daily charts prompts caution among EUR bulls.
Solid bids in the 1.2760/65 area on dips from a variety of sources. Stops are eyed on dips to the 1.2760 area and again below 1.2750. The US calendar is empty this morning except for a speech by the Chicago Fed's Moskow who's hawkish bent is well-known to the market. EUR/USD trades at 1.2772.
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