EURUSD lacking direction

I wrote a short comment to Sean Lee at FXWW:

Putting aside last night’s stop hunt, I am puzzled by the E/U’s levitation over the last 3 weeks, but then again I might have over-discounted the impact of QE unlimited ++™.

The uptick in E/U is certainly not because anyone’s buying into Euro as the alternate reserve currency, it’s more like seeing which of these 2 bad apples is more rotten right now – and there’s no trigger to create the type of extreme fear (or greed) needed to move the pair. I sense the market is becoming too complacent, which means when the real trigger come we are gonna see some real friggin fireworks.

I’m still inclined to short for the same reasons you set out, but will keep powder dry for now…particularly given the upcoming ECB rate decision. Most are predicting a cut, but I think there’s a decent chance the ECB will hold – which will prompt another upspurt.

Ideally, I’d like to build a short core position in the 3230-80 region with a tight stop above.