People are just uncertain (on U.S. rates) and that sort of uncertainty will make it very difficult to get real directional moves in euro/dollar.
We're consolidating Friday's sharp move lower. I wouldn't be surprised to see a bit of a pullback first. I wouldn't want to pile in until see $1.1759 level give away -- the low for 2004,
The market is correcting Friday's move (after payrolls). People are looking toward Greenspan and waiting to see how the U.S. will react after Labor Day.