Tick higher is 5 pips
The EURUSD has ticked higher after the miss on the Markit PMI data. When I say “ticked higher” it means about 5 pips. The price ticked to 1.11529. We are back down to 1.1149 (when you talk in terms of 5 pips it is showing the lack of volatility). The New Home sales are were also weaker (yesterday existing home sales were weaker too).
The high for the day is still higher at 1.1155. The low today reached to 1.1126. That makes for a 29 pip range for the day. That is not a lot. Watch the 1.11438 to 1.1145 area for support now intraday. The 100 and 200 bar MA on the 5 minute chart are at the level.
A move above the double top today at 1.1155 would be more bullish intraay and would look to the 1.11639 level which is home to the 38.2% of the move down this week. Remember Monday was a dud of a day with 19 pip range. Yesterday was better as the price trended lower. Today the range extended lower but we are back near unchanged. As mentioned the range is only 29 pips.
Overall, the EURUSD remains in a low 463 pip range for 2019. The fall lower yesterday, moved the price farther away from the 100 day MA at 1.12424 (more bearish). The low from the year comes in at 1.1106 (low today reached 1.11263). A move below would break out of that narrow range.
How does 463 pips stack up as a range historically? Not great. For a look at the non-trend and what it may mean for the EURUSD going forward, see my latest video: