The EURUSD spent the first 2/3s of the trading day doing a lot of nothing. The range through the London morning session from the high to the low extended about 50 pips . NY is extending that range in early trade. There is room to roam with the average trading range of about 120 pips over the last month of trading. The price is below the close from yesterday at 1.2502. The low from yesterday and the last two weeks comes in at 1.24701.
The 61.8% of the months range comes in at 1.24617 and that is the next key level for the downside. Below that, the 1.2434-41 was lows from June 6th, June 8th and June 12th. Below that the market based at the 1.2408 level back on June 5th (against the 100 hour MA- blue line).
If the downside is going to be explored further, I would like to see momentum to develop below the close from yesterday at the 1.2502 (sellers against this level). This level is also currently the midpoint of the days narrow trading range (now up to a whooping 54 pips). Sellers would not welcome a move back above this level if the downside is to continue the extension to the downside.
