The EURUSD has recently inched to a new high at the 1.29775 level. As a result, the days range has been extended to 56 pips from 45 that prevailed through the London morning session. The average is 96 pips over the last 20 trading days.
The narrow range keeps the door open for a further range extension. However, it also keeps open the possibility of a range entension higher or lower. So be aware. By the way, the GBPUSD and AUDUSD have been the most trending today and they have surpassed their averages for the day.
- For the EURUSD the 1.2992 (April 16th low) and 100 hour MA (now at 1.3003) are the next targets if the upside is expolored further today.
- There should be willing sellers on the first test.
- On the downside, the midpoint of the day and the 100 bar MA on the 5 minute chart are up to the 1.2950 area. Stay above these levels and it gives the nod to the intraday bulls/buyers.
- A move below and disappointment selling can re-ignite.
