Break to the upside extended the range for the week but only temporarily.
The day started with the EURUSD range at 78 pips for the calendar week. If that range held it would be the lowest for the year. The chair Powell comments that the Fed would follow a inflation averaging model over time push the dollar lower and the EURUSD range extended to around 130 pips for the week on the spike higher.
However, those gains have been eroded. The price now trades near the lows for the day and tests a swing area between 1.1797 and 1.1801 in volatile trading. The price has also fallen back below key resistance at the 200 hour moving average and earlier swing highs for the week near 1.18462 to 1.18495. The price is also moved back below the 100 hour moving average 1.18123. Buyers have turned to sellers. As I type we are trading at new session lows.
The next key target comes in at the 1.1779 to 1.17837 swing area (see green numbered circles). A break below that level should open up downside momentum with the low from last week at 1.17533 as the next target.
