Runs higher and moves back down
The bar at 8:30 started at 1.1652 and raced up to 1.1671. We are trading right back at 1.1652 now (and moved below as I typed). The lap is complete off the US employment report (see 5 minute spike and fall)
Looking at hourly chart, the pair is getting closer to the 100 hour MA at 1.16422. That MA did a good job attracting buyers near the level yesterday and again today (albeit before the key US employment report). As a result, it is the closest barometer to bullish above and bearish below.
If there is a break of the 100 hour MA (blue line), there should be more probing to the downside. A trend line off the recent lows comes in at 1.1629. Below that the low from Wednesday stalled at 1.1605 and the low for the week (on Monday) reached 1.1593.
On the topside, remember the 200 week MA comes in at 1.1669 this week. Eye that level as it is the end of the week. Above that, despite the break of the 200 hour MA (green line), a re-break of that MA line would be even more bullish (at 1.16776 currently). The high for the week was today's high at 1.16898 and the 100 day MA and 50% retracement make for another key level at the 1.17018-047. Those are the steps higher.
The range for the week is still only 98 pips. That would be the 2nd lowest trading range for the year (94 is the lowest), and the second lower going back to August 2014 (I think that was World Cup year).
Is there a run to extend the range? A move above 200 week MA should ignite more buying. A move below the 100 hour MA should ignite more selling. Right now the market is content to trade between those levels.