The days range has now been fully retraced in the EURUSD and is making new highs for the day. An hour ago the extension of the days range was occurring at and below the 61.8% of the months trading range (see chart above). Now that extension is above the highs. Such is the up and down market we trade in.
Where is the next target above? The 200 hour MA at the 1.2318 level is the next stop followed by 1.2324 and 1.2342 trend line. The range for the day is still 75 pips or so. The average over the last 20 trading days is 124 pips. So there is still room for more. Where does this move become totally bogus? Eyebrows get raised below 1.2296 and “I give ups” come in on a move back below the 1.2278 level.
