...but it is a start
The EURUSD has extended its trading range with a move to new session highs. The move higher comes despite a better than expected ADP private payroll employment report. The new high is not saying that much seeing the range into the day was only 22 pips. That is well below the norm over the last month of trading at around 76 pips. There is plenty of room to roam. Nevertheless, it is a start.
Technically, the price in the 22 pip range, was waffling above and below the 100 and 200 hour MAs, the 100 bar MA on the 4-hour chart and the 50% of the move up from last Friday's low. Those levels are between 1.16787 and 1.16897.
The break to new highs is a move away from those neutral levels (yellow area in the chart).. The bias is pushing to the bullish side. If long, you don't want to see the price moved back below that yellow area. It is as simple as that now.
If you don't like the upside, the sellers need to push below the area to give the sellers another shot to take the pair lower.
Buyers are trying to make a play now. Can they keep the control or is it just another fake run?
