As the dollar hits the highest level since Monday, will the euro move out of its own range?
Give or take a bit of change, 1.0710 - 1.0770 has been the range for the euro this week.
EURUSD H1 chart
This rough 70 pip range has come while USDJPY has had an approximate 184 pip range. That shows that there's a lack of real interest in moving the euro in either direction. The dollar is doing it's thing, and the euro is along for the ride but is not being allowed to roam too far.
With USDJPY now finding resistance at Monday's high, it's still not really breaking into any new ground.
Technically, if you trust what the chart is showing you, a tight long down here is with a stop under 1.0700 is a low risk trade. A confirmed break of 1.0700 would make a tight short the play. While USD is in the drivers seat it's going to take a much bigger break out to kick the euro to new levels.
