Extension of the day's range lower and then higher. Range for the day is still modest at 36 pips
The range for the EURUSD at the start of the NA sesssion was a small 22 pips. That compares to a 22 day average (about a month of trading) at 63 pips That is not a lot of activitity.
Since then, the range was extended first lower and now higher. Overall we are up to 36 pips which is stll low relatively.
The move to a new low was able to get below the 100 hour MA (blue line at 1.13565 currently) but was met at the day's low by a cluster of support defined by the 200 day MA at 1.13467, the 200 week MA at 1.13444 and swing levels at 1.1343-469. The holding of the lows suggests buyers were leaning with risk defined and limited. It also increases the areas importance. Yesterday, the low stalled in the area as welll and bounced. Store it away for a potential break down the road.
ON the topside, the 1.13927 is the 61.8% retracement of the 2019 trading range (see daily chart below). The price moved above that level the last two day's. So it has been tested broken and failed. A new break (and move above 1.1400) should give buyers more confindence.
