The EURUSD has seen down-and-up trading to start the new trading week. The move to the downside and the Asian session installed ahead of its 61.8% retracement of the July trading range at 1.10017. The low price today reached 1.1004 before bouncing to the upside.
The move higher extended up to test its falling 100 are moving at 1.10384. The high price reached 1.10369 and has rotated modestly to the downside.
The low to high trading range is only 34 pips. There is room to extend either to the upside or downside above or below those technical levels. Clearly, traders are unsure of which way it wants to break. However, sellers are holding the bias advantage below the 100-hour moving average.
- On a break above the 50% midpoint at 1.10539 would be the next key target
- On a break below, a swing area between 1.09618 – 1.09759 would be the next target area to get to and through. Below that is another swing area between 1.09329 and 1.09482.
This article was written by Greg Michalowski at www.forexlive.com. Source