EUR/USD: Choppy Action Just Below 1.2975 Tops

Thin conditions are already taking their toll on market depth. EUR/USD topped out at 1.2975 following the stronger than expected German IFO and has backtracked to 1.2955. Choppy trade as intraday accounts book profits and those who missed the early move higher attempt to join the Thursday bias. Still looking at a 1.2925 to 1.2975 range with downside risk.