EURUSD trades near session highs. Trading range is narrow
The EURUSD is trading in a narrow 26 bps. That is only 48% of what has been the average trading range over the last 22 days (about a month of trading) of 54 pips. There is room to roam (higher or lower for that matter).
Technically, the pair today stalled at the high from last week at 1.1254. The low today reached 1.12544 - just above that old high. In the early European session the low stalled at 1.12556. Buyers leaned again (see red circle 3) and they pushed the price higher.
Now, the highs for the day have been stalled at the 1.1278-80 area. That is ahead of the 38.2% of the move down from the March 20 high at 1.12842. That is the next target to get to and through. A break would look toward the 50% of the same move down at 1.13154.
Taking a closer look at the 5 minute chart, the price action has been choppy, but in the London session, the price has been able to stay above the 100/200 bar MAs (blue and green lines) for the most part. The fall from the high held the 100 bar MA and has been recovering back toward the highs. There is a lot of chop which is giving that MA, the ability to move higher. Stay above (it is currently at 1.12696), keeps the buyers in control. Move below and the technical picture tilts a little more to the downside.
