The EURUSD is stuck in a narrow 28 PIP trading range for the day so far as the markets prepare for Fed chair Powell’s testimony on Capitol Hill. The chair has pre-released his prepared text. There were no major surprises, but the markets will be focused on his tone post the FOMC decision last week to skip a meeting but imply through the dark part that there could be 2 additional tightenings before year-end.
Technically, the EURUSD has support between 1.0895 and 1.0908 on the downside. On the topside, close resistance comes between 1.0933 and 1.0942. Traders will be looking for a break of either extreme followed by continued momentum in the direction of the break.
With a range of only 28 pips today, and the average over the last month of trading of near 65 pips, there is room to roam in the EURUSD. Look for a break and run.
This article was written by Greg Michalowski at www.forexlive.com. Source