Trying to make a play to extend the day's very LOW range
The EURUSD is trading at a new North American session high. That is the good news. The bad news is that the range is only 21 pips for the NA session and 28 pips for the entire day. Well you have to start somewhere (am I grasping for ideas?).
Putting those 28 pips into perspective, the low trading range for the year is 27 pips on March 25th. On Thanksgiving Day in the US on November 27th 2015, the range was also 27 pips. You have to go back to September 2014 to have another range that rivals the 27 and 28 pips from today and those other periods. So I still expect an extension at some point before the close today.
Right now with the new highs being printed and the price above intraday trend line and MA's (blue and green lines in the chart above), the upside seems the markets choice. Risk is a move back below the 200 and 100 bar MAs. The high today is 1.1182. The high from Friday moved to 1.1197. Those are the next obvious targets from here.
