Looks toward the 50% midpoint
The EURUSD has cracked to new session highs and in the process has extended the range for the day. The high reached 1.13698. The 50% retracement is up at 1.13736. Above the 50% and traders will be eyeing the 100 day MA up at 1.1397 today.
Earlier today, I wrote:
We currently trade around the 1.13346. The 38.2% of the move down from the January 31 high comes in at 1.13405. That retracement may be an intraday barometer for bulls/bears (although it has not been that great a barometer so far today with the chop). It was also the swing high from February 13. So traders should care (right?). So far they haven't.
Working in the favor of an escape from the chop, is the range for the day is only 33 pips (22 day average is 61 pips). So there is room to roam (either way) Be aware.
The pair did move above the 1.13405, and it stayed above the 38.2% retracement level. The range for the day is now up to 46 pips which is still short of the 22 day average of62 pips. Can the market take another run higher? The high from yesterday came in at 1.1357. The early high for the day reached 1.13576. A move below those levels might scare longs now. Holding would be good news for another run higher today.
