The EURUSD started the US session with a low at 1.1004 and just above the 61.8% retracement at 1.1002. The high was at 1.1037 which was just short of the 100-hour MA. That was a narrow range of only about 33 pips
In the NY morning session, the price moved above the 100-hour MA to a new high (blue line currently at 1.10367). The next target was the 50% retracement at 1.10539, and then the falling 200-hour MA (green line) at 1.10836. The high reached 1.1045 short of those targets, and when the price started to trade more comfortably below the 100-hour MA, the buyers turned to sellers.
The subsequent fall took the price back down and toward the low. The low was extended but the new low could only reach 1.10032 so far. That is just 1.3 pips from the earlier low. The 61.8% is still below at 1.10017.
So the range for the day is up to 42 pips which is still narrow. The average over the last 22 days (about a month of trading) is 77 pips. There is still room to roam but getting and staying below the 61.8% is needed to increase the selling momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source