EUR/USD has traded tight ranges for 17-months

Last year's range was one of the tightest on record

This year's range is smaller

Interest rates matter more when it's quiet

The interest rate differential weighing EUR/USD has widened this year

Selling strength to bank carry with limited FX risk may become more popular

Ranges that have unfolded mostly within 1.05-1.10 may drop

The 200-DMA at 1.0795 may help to define peak of a lower range