Trades at NY session lows
The EURUSD is trading at the NY session low of 1.08252. The London session low was 1.08248. The Asian Pacific low reached 1.08198. The range today remains at 50 pips which is the equal to the most narrow trading day of the year from May 25th. That was Memorial Day in the US - a day when stock markets are closed. Prior to that, you need to go back to September. Can we blame the golf for the lethargic. Perhaps for some distraction. But with no Greece. Fed intentions known. ECB intentions known. And the date toward the end of July with a month and a few weeks left of summer, the market may start to feel a bit rudderless.
Today was about giving the sellers than the buyers the chance to flex their muscle and take control. The sellers had the first try. The buyers had the second. Both failed. That leaves the sellers with the second shot into the close (maybe it is the 3rd). The best we can do from here is to look for the most likely next wiggle if square (trend line at the 1.0844 level perhaps), if short, look for the lows to be taken out. Don't be surprised to if sellers become buyers or buyers become sellers. Take what you can get - when you get it - and be patient.
