EURUSD extends toward the next and last swing high hurdle

Technical Analysis

Author: Greg Michalowski | eurusd

Today's range rises to 89 pips

At the start of the trading session, the EURUSD was in a narrow 33 pip trading range with the 50% of the range since June 10 stalling the rally.   The average trading range over the last month has been around 88 pips .  After breaking above that 50% level, the sellers turned to buyers and the price moved  to 1.13423. After a modest corrective move lower that stayed above support at 1.1302 (the low reached 1.13145), the price moved to the upside resumed.

Today's range rises to 89 pips_
Pair has moved to a new session high of 1.13507. That high was just short of the June 16 high of 1.13527. The range for the day is now up to 89 pips. That is just above the 22 day average (month of trading).  

Sellers have leaned against the highest of the recent swing high levels, and backed off. We currently trade at 1.1341.

With the range now up to the average, and the price finding resistance against the swing area, it may make the upside continuation little bit more difficult (i.e, we may see some profit takers against the 1.13527 level with stops on a break above).
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