The EURUSD has extended the narrow range for the day to the downside in early NY trading. The pair has a high to low trading range now of 65 pips. This is in comparison to the 20 day average of 113 pips. So, this suggests that there is room to roam (i.e. an extension of the trading range).
The next level of support for the pair comes in at the 1.33086 which is the low from NY on Friday. Below that level the low from Friday at the 1.3300 (61.8% of the move up from Thursday’s low) and the 200 hour MA at the 1.32877 currently) will be targetted. On the topside, the broken 100 hour MA at the 1.3326 wil be eyed as a resistance level. Stay below this level and the bears remains fully in control.
