What more can I say?
The EURUSD is mired in a 22 pip trading range today. That is not a lot. The 22 day average is 57 pips. The high today reached 1.1234. The low just reached 1.1222. The price has rebounded to 1.1222 currently.
Last week, the pair did rebound from the most narrow trading range since 2004 (68 pips) with a range of about 162 pips (non trend to trend) in the week.
The market price trended lower after breaking and running from a floor at the 1.1343-47 area. In the process, the pair’s price fell below the key 100 day MA at 1.12572 (kicked lower by the better jobs data on Friday).
The low on Friday reached 1.12068, just ahead of a target at the 1.1200-027 target area (see post from June 28th projecting that target …”Let the record 68 pip range in the EURUSD happen. Why? It can only get better next week.”)
A move below the 1.1200 area would target the 1.11808 low from June 18. Below that will look to the March 2019 low at 1.11744 and then traders will start to eye the 2019 low at 1.11064 (see daily chart below)
On the topside, the 100 day MA at 1.12572 will be a key “line in the sand” for sellers (and buyers). If the sellers/bears are to keep control, staying below that MA is key. Before that, watch the 1.1242-46 area for sellers (see lower yellow area). There were some swing highs from June 17 and 18 before breaking and running higher on June 20. On Friday, sellers leaned in that area (see red circle 3 on the hourly chart above)