The EURUSD is stuck in the mud. The low to high trading range is only 35 pips. That is about half of the 70 or so PIP trading range seen over the last 22 trading days (around a month of trading). The small range begs for a range extension today. Be on the lookout for a break and run.
Earlier today, the price did make new highs going back to February 2022, but it was only by a few pips before the price backed off. So there is some disappointment, but the price is still higher on the day it needs to get below the closing low from Friday near 1.1227 and stay below that level to increase the bearish bias. If done, they move toward the 1.11841 level (an old swing level on the daily chart – see the video). Move below that level and it opens the door for further selling potential toward the rising 100 hour moving average.
All bets are off if the price can’t get below the closing level from Friday and stay below that level. The high at 1.12483 would likely lead to further momentum as that trading ranges just too small for the day.
This article was written by Greg Michalowski at www.forexlive.com. Source