Only 107 pip range for the week at the half way point
The EURUSD continues the up and down trading today. The price moved higher in the early European session, stalled ahead of the highs from last week and this week. The price came back down below the 100 hour MA and 100 day MA at 1.16726 and 1.16649 respectively, but stalled at a lower trend line developed over the recent lows on the hourly at 1.1660. The 1.16428 and 1.1649 is home to swing level from Sept 11-Sept 13 (yellow area). The 38.2% is also in that area at 1.1648.
The range for the week is only 107 pips with a high of 1.17239 and a low of 1.1617. The midpoint of that range is 1.16707. That is where we currently trade. I guess most of the activity (at least over the last two days) has been above the midpoint. The low for the week was around midday on Monday. Nevertheless, there is also resistance above with the high yesterday taking out the high from last week but only by 3 or so pips.
The 107 pip range – if it would remain until the close from Friday – would be the most narrow range this year. We are more than 1/2 way through the week.
So unless this is the week for the lowest range, we can anticipate a new low or new high. We are in the middle of the range.
Technically a move below the lower trend line on the hourly (and below the 100 hour and 100 day MA) would be more bearish. Look for more momentum lower. If it cannot get below that level, the bias tips a little more to the upside technically.