27 pip trading range for the EURUSD so far today. Trades between trendlines
The EURUSD is trading in a confined 27 pip trading range and currently near the middle of that range. The hi for the day reached 1.1015. The low extended to 1.0988. The pair trades at 1.1004, near the middle of the range.
Not only is the price near the middle of the days range, but it is also between trendlines.
On the downside, the lower trend line comes in at 1.0988. The low today did dip below that trend line (at the time) but the break was not followed by any momentum.
On the topside, a topside trend line and 100 hour moving average are on top of each other at 1.10172 (and moving lower).
So the pair remains confined between support and resistance.
PS for the week, the high for the week was on Monday at 1.10425. The low was today at 1.0988. That is only a 54 pip trading range for the entire week.
Looking back in time, there has not been a week with such a narrow range since 2003/2004. I know volatility is down but that is really down. Can you see an extension? Which way? Of course we are closer to the bottom. In fact the high of 1.10425 seems so far away.
