The EURUSD is extending its trading range to the downside. The low to high trading range is now up to about 45 pips which compares more favorably to the 75 PIP average, but there is still room to roam if momentum can be sustained.
On the downside, the next target comes in at 1.09119 (a low price from yesterday’s trade before moving higher). On a move below that level, traders would be looking toward the rising 100 hour moving at 1.08916. At that level, the range for the day would be near 75 pips or the average of the last month of trading.
That would tie up the day very nicely, but it doesn’t mean it will happen. However, it can be something we might anticipate.
This article was written by Greg Michalowski at www.forexlive.com. Source