The EUR/USD is consolidating above our 1st tier uptrend line, holding up relatively well considering the brisk selloff on Wall Street in reaction to disappointing U. S. economic data. The EUR/GBP continues its downturn with the GBP/USD looking to break out of our 2nd tier uptrend line.
Hence, we're witnessing the perpetuation of status quo among the Euro, Pound, and Dollar due to a lack of significant data from both the EU and Britain.
The Euro is still at a disadvantage with the ECB taking a vague monetary stance, and uncertainty hardly ever yields a positive performance in price. Will the ECB cut its benchmark further or initiate unorthodox liquidity processes? Nobody knows at this point.
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