The EURUSD continues to trade in a confining range. The chart below is showing the respective support and resistance levels with 1.2915– 1.2918 as the closest support, and 1.2944 (trendline above) as the closest resistance. Old highs and old lows become next targets both above and below (you can add the 38.2% retracement and 200 hour moving average in as resistance levels as well)
EURUSD continues to trade in a confining range. The levels above and below on the hourly chart.
The range this week remains at a narrow 103 pips. This is still narrow in the most recent history as volatility has picked up a bit. With Retail Sales due out in the US 8:30 AM ET (expectations +0.6% vs. 0.0% last month and ex-auto and gas expected at +0.5 vs. +.1), along with Import Price Index for the month of August (expectations -1%), University of Michigan Confidence Index for September (at 9:55 AM ET – estimate 83.3 vs. 82.5) and Business Inventories (at 10 AM ET, Est. at+0.4%), there is still a chance for a late week move and extension outside of the current range (High 1.29613. Low 1.28584). I may be overly optimistic, but let’s just see if the Retail Sales can shake the market out of its “funky town”. ; )
