Day range at 33 pips. NY range 23 pips.
As London traders look to head for the pubs, the EURUSD remains confined in its 33 pips trading range (see earlier post). There have only been 4 days in 2017 with ranges less than 33 pips, and 7 days in the last year.
The NY trading range is only 23 pips from the top to the bottom. Not a lot of trading room. However, there have been some selling against the close from yesterday at 108.06 over the last 3 1/2 hours of trading. That increases that levels importance into the NY afternoon. A move would be more bullish.
ON the downside, the 100 hour MA and the 100 bar MA on the 4-hour chart have converged at 1.1781. The NY low could only get to 1.1787. The price in the NY session has traded above and below its 100 and 200 bar MAs on the 5- minute chart.
So eyes remain open for a break out trade. I don't know what type of momentum might be forthcoming (we never do) but with a narrow range, we could/should see an extension.
