Good news. Bad news. Depending on your perspective (and trade location).
The EURUSD ran out of selling steam below the 1.24618 level a little quicker than expected. The price has rebounded back higher and the subsequent move has taken the price above the Correction Zone between the 1.24775 and 1.24845 area (yellow area in the chart above). All bets off on the trend potential for now. The EURUSD waters are muddy.
The range for the day continues to be a narrow 74 pips. Yesterday’s range was 91 and if you go back to Friday, the range was a scant 64 pips. When the market starts to get in a rut, it can develop a pattern. At some point the price will break, but if the supporters of a trend are not there (and they had the opportunity to take control on the break lower today), the trend cannot develop.
For me, it says fall in like with the market. Don’t fall in love with the market. Be patient. Look for clues.
