Double top for the week…
The EURUSD rose on the back of better PMI data in the European session, but after the high stalled at the high from Monday, the price fell back down. The subsequent low took out the week’s low and last week low by a few pips, but that failed. The price moved off the lows at 1.1063 to 1.10658.
Today’s range is the range over the last 5 days (give or take a couple pips). That range is only 49 pips for the day (and the calendar week/the last 5 days too). That is not a lot of action. The market is still looking for that shove that will extend the range (and get out of this range).
IN between the high and low sits the 100 hour MA at 1.10898. The price action yesterday and again today, traded above and below that barometer, suggesting a market that is still unsure. Nevertheless, being below the level now (and over the last 3-4 hours) is tilting the bias lower (if it can stay below).
With the GBPUSD getting a boost on the back of the Merkel comments, the EURUSD lags, but is back off the lows (got down to 1.1071) . The pair trades at 1.1082 currently.