FXstreet.com (London) - EUR/USD has traded flat so far this session despite gaining over 40 pips in premarket trade on a weaker Greenback. Weak labour data has made investor reconsider near-term and indeed long-term prospects for the national and global economy. Pair currently quoting at 1.4480.

While the pair trades at 3 week highs and year highs for 2010, credit worries are still lurking, with ratings agencies now making noise about the fiscal condition of Portugal, the next potential target on the agencies' hit lists.

Pair is trading in a tight range ahead of any major cues, and on thin trade due to the Asian holiday. FED have repeatedly highlighted the importance of labour data in future withdrawal plans, and next key data will be Trade Balance numbers later this week. We find the pair with little price action tightly bounded between 1.4465 and 1.4500, and a break of either of these key levels could indicate trend change.