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EUR/USD fell during a large portion of the session on Tuesday, only to bounce back. This isn't a big surprise, as the Euro seems to have the ability to bounce no matter what. However, the market seems to be running out of patience with the European leaders, and there seems to be little out there in the form of enthusiasm for this week’s European summit.
As headlines and whispers come out, it appears that the leaders are just as far from each other now as they have ever been. With this in mind, we are willing to sell the euro again and again, but it appears that the market isn't ready to move until after the summit. It is very likely based upon the candle action of the last 48 hours that we are going to see a sideways grind for the rest of the week. With this in mind, it appears that there are better trades to be had in other Eurocentric pairs.