18 pips is not a range
One thing to say about the EURUSD today, I know traders might be lethargic as a result of hot temperatures outside, but an 18 pip range is a bit too narrow.
The chart above is the ranged for all days going back to 2015. There was a 22 pip range on July 4th, but that was July 4th. There has got to be something more in the tank for the pair today. The average over the last 22 days in the pair is 50 pips. Maybe we don't get there but look for an extension of the 1.12062 to 1.12238 range. We curreently trade at 1.1220.
Buyers are trying to push a little higher now. The sellers had their shot, falling to a new session low early in the NY session only to fail (the low reached 1.12062. The Asiain low was 1.1207). We are back to unchanged on the day and above the midpoint and 100 and 200 bar MAs on the 5 minute. Buyers are modestly in control above those levels.
If the buyers do extend, the 100 hour MA at 1.1227 would need to be broken as well. IF done, the range has the potential to increase further. WHat is a bit funny is the 100 hour MA seems miles away, but it is only 7 or so pips higher. The narrow ranges really do make pips seem very hard to make....
