Looking for an extension
The EURUSD is trading in a 27 pip trading range for the day. That is equal to the lowest trading range for a day for the year. In fact you need to go August 2014 to have a more narrow trading range. Now it is August now and summer markets can lead to narrow ranges, but even so, 27 pips? There should be something in the tank before now and the close. Maybe even the close of London/Europe.
In any case, the pair currently sits in the middle of the trading range at the 124.825. The 100 and 200 bar MA on the 5 minute chart is at 124.80-83. The close from yesterday is at 124.86. Look for a break one way or another and perhaps we get some momentum going in the direction of the break.
It is a bit of a red and black bet, but risk does not have to be great and if you guess right, the extension does have room to roam. The average trading range over the last month of trading is 80 pips.