EURUSD trades up and down in ugly price action

Technical Analysis

Author: Greg Michalowski | forex

Is it trying to base

Honestly, the price action is ugly in the EURUSD. Lots of ups and downs. Not a whole lot of trading range.  Technically, the price fell below a swing area at 1.2294-97 and even below a broken trend line (on the way to the lows) and failed. On the topside, the price has remained below the 100 hour MA today and for most of the trading week.

Technically, are traders trying to base against the 1.2294-97 now? Flip a coin, but it can be a risk level. 

If going higher, the price needs to get above intraday highs at 1.2320 (London session high so far). The close from yesterday came in at 1.2325. The 100 hour MA is down at 1.2331. Those are the steps if the price is able to get going. 

If not, the underside of the broken trend line  comes in at 1.2276. The low for the week is at 1.2259.  

The price action is U-G-L-Y.  Depending how you tilt your head, you can see higher. You can see lower. Flip a coin.  If you do, define your risk, give it a shot.  

Fed speakers and Fed monetary report still on tap.  The Monetary report will be of most interest probably as it represents notes for the testimony next week on Capitol Hill for Fed Chair Powell.