The EURUSD is in a 52 pip trading range today. The average over the last 22 trading days has been 93 pips.
Admittedly, the market is in full anticipation of the ECB decision on Thursday. Even still 52 pips?
EURUSD consolidates in a 52 pip trading range.
Any clues technically?
Bearish clues:
- Below the close from yesterday.
- Currently a touch below the 100 and 200 bar MA on the 5 minute
- The last peak high could not extend above the close from yesterday
Anything bullish?
- The low has (for the most part) held the 38.2% of the move up from the Friday low at 1.1459.
If there is an extension lower 1.1548 and 1.1527 are targets.
On a move above (watch the 100 and 200 bar MA as clue 1), the 1.16378 high from yesterday is a key level. Remember, 1.1639 was the low from November 2005. Staying below that keeps the bears in control from a more intermediate term perspective (see weekly chart look back to 2005 low)
EURUSD weekly chart.