• Apparent break from long-held range followed by swift return to its centre

• EUR/USD drop to 1.0125 appeared to signal break lower from 2023-2024 ranges

• 1.0448-1.1276 extremes in 2023-24 and most trade conducted 1.05-1.10

• The centre of prior extremes is 1.0862

• Mid-point of 1.2349-0.9528 drop seen during US tightening cycle is 1.0938

• Recent annual trading range have been amongst smallest on record

• Influence interest rates may grow encouraging traders to sell short

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EUR/USD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)