The EURUSD is trading within a narrow 38 point pip trading range ahead of the US CPI data at the bottom of the hour. The average over the last 22 trading days (about a month of trading) is 70 pips. There is room to roam.
The low today did stall near lows from last Friday last Monday and also Wednesday at 1.12658. A move below that level would have traders targeting the low for the week at 1.12266. That was also a swing low level going back to November 22, November 23 and swing highs from November 25 and November 26.
On the topside, it would take a move back above the 100 and 200 hour moving averages at 1.1293 and 1.13044 respectively to increase the bullish bias. After that, the 61.8% retracement of the move down from last week's high at 1.13228 would be the next target followed by swing highs from last week (1.1333, 1.13469, 1.1359, and 1.13822)
