Range for the day is still modest for the EURUSD
The EURUSD has moved down to new NY sesssion lows and in the process moved to test a lower trend line off the recent lows at 1.1074 on the hourly chart AND the swing lows from the month of October at 1.1071-73.
The pair remains in a narrrow trading range of 26 pips. The 22 day average is around 50 pips (so around 50% of the normal range). There is room to roam.
As posted earlier the high today did stall at the 38.2% which represents a plain-vanilla retracement of the last leg lower in the pair. So sellers remain in control.
Going forward move below the aforementioned levels would have traders targeting the low price from yesterday at 1.1062.
Drilling to the 5 minutes chart below, the pair has been able to dipped below its 200 bar moving average and lower trendline on the way to new session lows. The 100 bar MA (blue line), stalled the last corrective rally intraday (give or take a pip).
