The EURUSD is lower on the better Retail Sales report today. The low has so far come in at the 1.23977 level. The low for the week comes in at 1.23925. Surely, there will be the extension of the weeks low trading range of 115 pips? If so the obvious next target becomes the low for the year at the 1.23572.
EURUSD remains in the confines of the weeks trading range.
Looking at the 5 minute chart, the move lower in the London session has moved below the late Asian low at the 1.24255 level. This is the 38.2% of the London move lower and near the broken trend line support (see chart below). It is Friday so, there can be swings from end of week flows, but if the sellers like the idea, there should be sellers in the 1.24255 area. A move above the 50% of the move lower at 1.24341 would take some of the bearishness out of the pairs bias Friday’s can chop around – so be aware.
EURUSD fell on the better Retail Sales today.
Overall, without an extension today, it will be a pretty dull weak for the common currency but the bias remains lower for the pair. The price is below the 100 and 200 hour MAs (blue and green lines in the hourly chart above). The price is also moving away from the broken trend line on the hourly chart. Can the sellers keep the momentum going and get out of the confines of the weeks box?
