There are of course a few things to consider.
The eu summit of course
The New York session over the next days being thin due to the July 4th holiday In the USA this being a long weekend for many in America.
I trade asia for the most part and recently EJ has been good range trading both ways as it has been working out the larger trends.
Setting aside fundamental events for the moment
My view for this pair some while back has been that it would eventually retest the 50% fib on the daily chart at 103.53. I developed this view over a period of days although I am not one to marry any bias and have done well trading this pairs both ways. Initially this view was somewhat heretical to the norm but in recent days I have read several views with this slant. Lately the range trade has been profitable both ways ( in fact I must remember to send Angela a bottle of schnapps for allowing me to earn those pips again on the dip) In fact given the climate it should provide a safe way to earn before the summit.
Please understand I do not need to be right, just profitable. I will be trading this pair as I do everyday both ways.
I agree with Scott Barkley that the current range break is defined on the low side at 99.22 once/if/when the 99.35-30 level is cleared. It is a tough level and may hold up for sometime took five good attempts to break through that on the way up. On the topside although 99.60 has held for the moment there is a more solid level above at the 99.70-75 and 99.82 level above which may contain for a try or two. So a 30-40 pip range could be good earning overnight.
Of course one good press release or tape bomb could blow this out either way. Going into Thursday headline risk is high. Do be careful. TP early and often.
I welcome any and all comments or views on this pair especially ones contrary to mine.
On another note I was trying to find the post about EJ that Janos had generated so I could reference when I had first posted the daily chart. I could not find it or any of Janos's posts. If he has left fxstreet that would be a great loss to all of us. I will be looking more into this matter.