Range only 39 pips (71 pips is the 22 day average).
The EURUSD remains in a narrow trading range for the 2nd straight day. The low to high trading range is only 39 pips. Yesterday the range was also 39 pips. The price has extended the trading range for the week, but it is only 46 pips through 1 2/3 days. We are trading in the middle of the range today (1.0654 is the midpoint). Although things are not moving, it does not mean they won't in the future.
What are the technicals telling us?
Looking at the 4-hour chart above, a trend line off the March low stalled the fall yesterday and stalled the initial low in trading today too (see red circle 4) at the 1.0644 level. That line was broken. The price fell quickly to a low of 1.0635 and 15 minutes later the price was back above the break price level (at 1.0644). The price has remained above that level since then (see 5-minute chart below an the 1.0644 line).
The correction higher has so far stayed below the 100 bar MA on the 4-hour chart at the 1.06596 level. We trade near the day's midpoint.
Technically, there is a battle with the trend line below (let's ignore the failed break) at 1.0644 area, and the 200 bar MA on the 4-hour chart at 1.06596. If there is a run and extension today, that battle needs to be resolved by the buyers and the sellers in that 15 pip narrower range. Come on EURUSD...breakout.
