Up and down in narrow trading range
The EURUSD is doing a lot of nothing today. Looking at the hourly chart below, there are lots of up and down hourly bars. The range is only 24 pips (too small). The 22 day average is 54 pips. So there is room to roam for this currency pair too. Waiting for a shove....
The topsdie trend line comes in at 1.1336. The lower trend line comes in at 1.1312. Ahead of that trend line are a swing low area in the 1.1315-175 area. That area was broken yesterday, but not for long. Once it failed buyers leaned against the level again (red circle 4). Today there was another low in the yellow area. The last dip stalled ahead of the level. HMMMM. Buyers leaning?
Markit PMI just came out a little weaker, but so far the reaction is not enough to shove the pair outside the range.
ISM non-manufacturing index will be released at the top of the hour with expectations of 57.4 vs 56.7 last month.
Waiting for the next shove.
