The EURUSD is trading in a narrow trading range in the US session. The low was reached at 1.08102. The high in the US session reached 1.08251
That keeps the pair below the falling 100 hour MA at 1.08314, the 200 day MA at 1.0836 and the 50% midpoint of the move up from the mid-Feb low. That level comes in at 1.08374. If the buyers are to take more control, they would need to push the price above that area – and stay above.
On the downside, the low today was still above the 61.8% of the same move higher at 1.08036 and also above a swing area down to 1.07955. Going forward, getting and staying below that area is needed to increase the bearish bias.
Chances are, the next move is not in the cards today. However, Fed’s Waller will speak at 6 PM near the start of the new trading day. The US core PCE will be released on Friday which may be the next window for a fundamental shove. PS. Friday is also Good Friday with Europe closed, so it might be conducive to a less-liquid typr of move.
For now watching the extremes between 1.0795 and 1.08373 as the bookend support and resistance levels that need to be broken to tilt the bias more in favor of the sellers or buyers.
This article was written by Greg Michalowski at www.forexlive.com. Source