Extends the week's narrow trading range from a record 47 pips
The EURUSD is stepping higher and in the process has extended the dismal week's trading range (was 48 pips coming into the day - the lowest range for a calendar week going back to at least 2002). The pair is trading at new session highs, and in the process has extended the range to a better 60 pips for the week (that is still very narrow).
On the moved to the upside, the pair is also breaking above its 200 hour moving average for the 1st time since January 17. That 200 hour moving average currently comes in at 1.10419 (green line in the chart above). It represents close risk for intraday traders (I would give to below the high from yesterday at 1.1039 as a close risk level now).
A more conservative risk defining levels for traders looking for a stronger EURUSD would be the 100 hour moving average (blue line) at 1.10174. In trading today, sellers leaned against that moving average before pushing the price back to the upside. More intermediate turned buyers from below against that moving average, could put a stop below level and hope for further upside momentum.
On the topside, the pair does have some hurdles to get through including the 38.2% retracement 1.10606. That level also corresponds with the swing hi from January 24. It's just above that level is the always important 100 day moving average at 1.1066. The price cracked below that moving average on January 23 and remained below that moving average level since that time.
Getting above those hurdles would have traders looking toward the 50% retracement at 1.10818
