The range has been the same for 48 hours now as traders start to believe the price will never break. The price is trading at the lowest level of the day after the weaker than expected Durable Goods report but activity remains light it seems.
Overnight, tThe 38.2% retracement at the 1.32106 level held support on a few looks at the level over the last 15 hours of trading. On the topside, the price took a “look see” above the Monday high at the 1.3367 level – reaching up to 1.33714 – but that test higher was short lived and a grind lower ensued since.
The 100 and 200 bar MA on the 5 minute chart above are at 1.3341 and 1.3332 respectively. SInce the Durable goods the price has been able to stay below these averages perhaps creating a risk line for intraday traders with a bearish bias.
We are all looking for a break one way or another. Looking for clues, getting momentum on a break should get the ball rolling. The 1.3210 area will be key for the bears today.