Up and down. Up and down
- Narrow range for the day: 62 pips
- Narrow range for the week: 147 pips
The narrow range suggest an extension today of the days range. I also will be looking for an extension of the weeks range (high 1.23225 and low or 1.21758). It can go either way.
Looking at the hourly chart, the price tested the 38.2% of the move up from the low last Friday at the low today at the 1.22612 (bullish bounce). The 100 and 200 hour MA were at the 1.22574 level (both converged). The low came in at 1.21618.
What is bearish is the price has made two attempts to extend the range to the upside of the weeks range today. The first took the price above the 1.2316 high but could only get to 1.23225. The second attempt could only get up to 1.23185. Disappointing.
There should be a move left in today’s trading. The close from yesterday was 1.2282. The midpoint of the day is at 1.2292. The 38.2% of the weeks range at 1.2262. The low for the day is 1.2262. Those would be the progressive steps to the downside.
On the topside, the high from yesterday comes in at 1.2306. The 1.2312, 1.2316, 1.23228 (all high) are the progressive steps higher. With only 62 pips today, there is room on either extreme. Be aware. Be prepared.
