Dollar lower
The USD has moved generally lower after the much weaker than expected retail sales report. Empire manufacturing was better-than-expected but still the second worst reading on record.
The EURUSD has moved higher. The price move from around 1.08002, to a high price of 1.0839 (we are currently trading at the highs). That increased the trading range for the day up to a whopping 51 pips. The 22 day average is up at 77 pips so there still is room to roam.
Technically, the price is moving above both its 100 and 200 hour moving averages. The 100 hour moving average is 1.0821. The 200 moving averages at 1.08245. The price is also now looking to extend above the midpoint of the trading range for the week that comes in at 1.0835.
For the week the high price came on Wednesday at 1.08957. The low reached 1.07742 for a range of about 121 pips.
For now, the buyers are making a play above the moving averages. Stay above each and the bulls/buyers remain more in control. A dip below those moving averages, and the waters get a little bit more muddy.
On further upside momentum, the 61.8% retracement of the week's trading range comes in at 1.08493. That would be a target. Above that is the 38.2% retracement of the May trading range which comes in at 1.08623.
