The EURUSD has pushed outside of the range outlined in the initial morning technical report (see https://www.forexlive.com/blog/2014/09/12/technical-analysis-eurusd-waiting-waiting-waiting/ See chart from that post below) We even extended the week’s trading range outside of the 103 pips (now at a more respectable 120 pips currently).
EURUSD continues to trade in a confining range. The levels above and below on the hourly chart.
The pair has moved up to the 200 hour MA now (see green line in the chart below) and just above the 38.2% retracement,and is finding some late week selling. That makes sense as the weekend is approaching and it also is the first test of this MA level since way back on August 18th. It might take until Monday to make the decision on whether to move above it.
EURUSD has been able to extend higher (make new week highs) and trades against the 200 hour MA (green line).
For the week overall, the pair made new lows for the year and traded at the lowest level since July 2013. However, the price did break below bottom side trend line support and is trading back above that level (that level comes in at 1.2930). The price is also above the close from last week at the 1.2950 area.
This might tip some of the scale to the buy side in early trading next week.. Risk is increased over the weekend but in early trading next week, the market may look to take the bias clues from these levels and give the traders a reason to buy in search of a further corrective move higher (at least in the short term).
EURUSD traded below the trend line support and is currently trading above it (at 1.2930).