EURUSD remains below its 200 hour MA and waiting for the next push
The EURUSD for the last 55 or so hours has been trading in a 50 pip trading range (give or take). The range for the week is only 71 pips. That is not a heck of a lot of action.
The sideways action has allowed for the 200 hour MA to wander down to the price, but that MA as also been a ceiling for the price so far. It was tested on Wednesday and again yesterday. Today, the pair also skimmed near the level (see green line in the chart above).
Needless to say, traders are not sure and awaiting the next push from the data (flip a coin), but with just a 71 pip range for the week, look for an extension of that range today (either higher or lower). The high came in at 1.12543. The low reached 1.11832. In between are both the 100 and 200 hour MA (yellow area). That willl be the close barometer for bulls/bears (trade above is more bullish/move below is more bearish.
On a move higher, the 38.2% at 1.1284 is a doable target.
ON the downside, the low for the week at 1.1183 is close to the low for the year at 1.11744. I gotta think a move below, just opens the door for just a more bearish momentum.
