EUR: Bull trade needs feeding – ING

Traded EUR/USD volatility levels are a little softer as spot continues to sit well within range confines, ING's FX analyst Chris Turner notes.

EUR/USD is staying in the 1.1370-1.1430 range today

"It costs investors around 2.5% per annum to sit with a long EUR/USD position. Thus, those bullish on EUR/USD need to be fed some bad news on the dollar. That potentially could come with tonight's US Treasury auction results, but is not a given."

"In terms of the eurozone calendar today, we have the Sentix Investor Confidence reading for June and a speech from Austria's Robert Holzmann, who was the sole dissenter against last week's 25bp ECB rate cut. It's hard to see EUR/USD breaking out of a 1.1370-1.1430 range today, with directional breakout risks equally balanced."