Another pop or drop eyed
The EURUSD has been in a 32 pips trading range since about 8 AM with plenty of ups and downs. The better Michigan Confidence was good news but the decline did not do much.
It is Friday. We head into the fixing at 11 AM ET/1600 London time. The weekend square. There is likely a pop or drop or maybe a couple. So be aware. The 200 hour MA at 1.1225 remains in the center of the NY range. The midpoint of the move up from the employment low comes in at 1.1217. If going lower, those levels will be eyed. Get below and the trading bears are happy. Move above 1.2040 and the trading bulls might be looking for a quick push to the 1.1255 and the 100 hour MA/50% at 1.1268.
A lot is dependent on the liquidity I am afraid and that is a difficult thing to rely on - especially on a Friday.
