After some massive moves in recent weeks the EUR/USD market can be forgiven for taking a breather. Yesterday’s Greek election result was the latest bearish event but the market has regained Friday’s closing levels which suggests to me that the bears are tired and will take a break.
Yesterday’s lows near 1.1150 are the obvious support levels and any rallies towards 1.1400 will attract trend followers. Trading near the edges of a range like this makes sense to me.