EUR/USD: Respecting European Range As Long W/E Impacts

The long US weekend is keeping the bulk of the North American market from joining in and as a result the US holiday for Presidents Day has dramatically impacted volumes. EUR/USD continues to respect the late European morning range with 1.3125/50 expected to contain the majority of the pre-European close flows. More offers are seen into 1.3160/65 while on the downside a break below 1.3120 eyes the 1.3100 level where good option related buyers are expected to emerge.