The EURUSD is choppy in a rather unique fashion over the last 8 or so hours (see chart above). This is indicative of a unsure, non trending market. Support is defined along the bottom trend line. The topside has tried to make new highs on two separate occassions but failed. On third attempt..traders learned from thier mistakes and sold earlier (see chart above).
Looking at the daily chart, the 1.30539 level is perhaps a price to eye for clues today. This price represents the midpoint of the 2012 range. The price today has moved above and below this level. With the current price below the level, traders will want to see the price stay below to give a clue for a possible downside break. A move above the level, might be enough to take another look at the highs.
The range is narrow. The chance of a break before London goes home is still in the cards. I think the boundaries are well defined. The question will be, does the market have the will to make a move, or simply take the rest of the day off? Watch for the clues to give the incentive for a move. Remember, traders don’t make money in these types of non trending markets. So a move at some point is coming.
