Extends narrow trading range for the day

The EURUSD was mired in a 38 pip trading range at the start of the New York session. The price has now extended to a new session lows and in the process the range has now moved up to 50 pips. As a guide the 22 day average (about a month of trading) is at 82 pips. As a result there is room-to-roam to reach the average.

Extends narrow trading range for the day_

Technically, the price high today did stall in a swing area at 1.08086-15 (the high reached 1.08155 and reversed lower). More recently the price extended below swing lows from April 23 and again yesterday in the 1.0781 – 84 area. That is now close risk for traders today.

On the downside another swing area at 1.0755 – 63 is the next target followed by the low for April at 107.265.

Taking a broader look at the daily chart, a swing area at 107.677 to 107.768 is being tested now. The low from February came in at 1.07768. The low from April 6 came in a 1.07677. The low today just reached 1.0766. Getting below that level should open the door for further downside momentum with tests of the aforementioned levels from the and hourly chart.

EURUSD on the daily chart