Maybe things can get back to normal next week
Highlights of the EURUSD week:
- The EURUSD closed last week at the 1.1391 level. It looks like the week will close lower by about 20-30 pips
- The price is trading near the 200 and 100 hour MAs (at 1.1368 and 1.1377 levels respectively)
- The Midpoint of the two week trading range is 1.1359. Currently the price is above that level
- The low to high trading range was 171 pips. Last week it was 172 pips - nearly identical runs.
- The pair completed 6 laps to the downside and back to the upside
The low has a strong floor with 4 separate tests at 1.1269 to 1.1279. The high has a strong ceiling at 1.1442 to 1.1449 with 3 separate tests.
So overall the market had it's share of up and down volatility but spun it's tires for the most part. I guess, the Greece/EU exercise was a lot of spinning wheels as well.
Next week, Chair Yellen will speak on Tuesday (and again on Wednesday). Draghi also speaks on Tuesday and Wednesday. I would guess that Yellen will be most important especially given the meeting minutes, and the last employment report. Will she be more hawkish than the meeting minutes? Will she signal that a June rate rise is the plan? That will likely be the focus.