Trend continues for the pair. Range is 121 pips now
The EURUSD has continued its run to the upside on overall dollar selling.
The pair is not traded 121 pips from the low to the high. That is well above the 70 average seen over the last 22 trading days (around the month of trading). There has been a little in the way of a corrective move in trading today (see 5 minutes chart below).
Looking at the hourly chart, the pair is getting closer to a key upside target defined by the falling 200 hour moving average and the 50% retracement of the trading range since the October 21 high. Those levels come near the 1.1750 level currently. The high price for the day as reach 1.17393 so far.
A test of that dual level would give risk focused traders a low risk trading opportunity. Stalled near the level and we could see a rotation back lower toward the broken 38.2% retracement 1.17201. Break above and shorts get out with a small loss. It also is a profit-taking level for those traders who have gotten on the bullish run today.
