Range stretched for EURUSD and EURJPY
The EURUSD has now traded 99 pips from the low to the high. That is a good ways above the 22 day average range of 72 pips. The EURJPY is even more explosive with a range of 258 pips vs a 110 average. Both pairs are trading new highs for the day.
The EURGBP range is 53 pips. That is short of the 68 pips average. Both the EURUSD and the GBPUSD are moving higher today. The EURUSD still outperforms as the EURGBP is also trading near high levels.
EURUSD.
For the EURUSD the pair today is moving away from its 200 day MA at 1.08387. The pair moved above the 1.0900-1.0910 level resistance ceiling and that helped to push the pair higher. The high has reached 1.09495. If you look back, there was a swing low from July 2016 that bottomed at 1.0951. That area has been an inflection point for bulls and bears. The level - given the extended range today - may find intraday sellers leaning with stops above now.
EURJPY
The EURJPY has had a huge day to the upside today. Not only is the range oversized at 258 pips, the pair is up about 211 pips. The peak reached 121.63. I cannot say the level has any significance. The March 21 high reached 121.83 and a trend line cuts across at around the 121.92 level. The pair is above some prior swing levels at around the 121.16 level.
Looking at the 4-hour chart, the price gapped above the 100 bar MA on the 4-hour chart yesterday after the French election results, and has stayed mostly above that MA line since then. Today, the pair got another boost after moving above the 100 day MA for the first time since March 21.
EURGBP
The EURGBP is less trending today but is trading higher too. The pair moved above the 38.2% of the move down from the March high, and found support near the re-established trend line at 0.8478 today (low was 0.8477). The next target on the topside comes in at the 100 day mA at the 0.8549 level. The high has reached 0.85298 so far. The 200 day MA comes in at 0.8590.
