EUR/USD is trading at the base of familiar ranges and volatility remains low and beause of that those short are making easy money.
Interest rate differentials return those short around 0.3% per month.
Although there has only been a little FX movement, what movement there has been has boosted profits for those short.
For over a year ranges have been falling and for those hoping to gain from interest rates the slide has markedly slowed, reducing FX risk which is a green light for carry trades.
Of course traders can make money if buying dips at the right time, but it's a far harder proposition and for every day that long is held traders lose a pip.
That may not sound much but it's a 1.25% loss for anyone who has sat long since the start of this year.
Selling rallies is obviously more prudent than just hitting a bid and value to do so lies between 100/200-DMAs 1.1322/1.1404.
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