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.
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.
