71 pip range last week was the lowest since 2014
The EURUSD had a 71 pips range last week, which was the lowest since 2014. The range extended from 1.1183 to 1.1254 (see red box).
Today, the price has moved higher from the opening hour and we trade near the high. The move has been able to extend above the 100 and 200 hour MA (and stay above). Those MAs come in at 1.1224 and 1.12283 currently. Those MA help to define the risk and bias for traders today. Stay above is more bullish. Move below and earlier buyers lose hope.
ON the topside, the pair is running into familiar resistance which has led to some pause. The high today reached 1.12503. That is 4 pips short of the high from last week. A move above willl be eyed by longs looking for more upside, and should solicit new buying as well and have traders looking toward the 38.2% at 1.12842. Above that the 1.12936 and then the 50% of the move down at 1.13154 will be eyed.
SUMMARY: The move above the 100 and 200 hour MA is something new. Last week, those MAs could not be be broken - and stay broken. The break today, turns the bias more bullish. The buyers are making a play.
However, there needs to be a break above the 1.12543 level to give those buyers more confidence of a larger move higher. If broken, we should see traders looking toward higher targets with 1.1284 the next key target.
PS making a run above now...
