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EUR/USD climbed a bit higher only to turn back south. What’s next? The range may be limited and predictable for quite some time.

Here is their view, courtesy of eFXdata:

Nordea Research discusses EUR/USD outlook in light of today’s ECB meeting.

“The ECB meeting caused very limited market moves, as there was little new for the market to take bets on. EUR/USD trades slightly lower than prior to the meeting, while EUR rates have faded a little over the press conference…

EUR/USD seems rather range-bound between 1.1550 and 1.1800 currently. We don’t see any short-term trigger of a break-out, but keep our bias that the probability of a break on the downside looks most likely,  especially if the potential for higher 10-year bond yields in the US materialize,” Nordea argues.

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