Swings from top of the box to the bottom of the box
The EURUSD is mired, confined and stuck in a 20 pip trading box today (and going into yesterday). The low comes in at 1.1123. The high at 1.1143. We just re-tested the lower extreme, but are seeing a modest bounce (everything is modest when you talk of a 20 pip range for the day). The price has tested the upper extreme area with 5 hourly bars today. The low extreme area (if you count the low from yesterday) has 5 hourly bars (1.11237-287 area)
Traders are trading the highs and lows. At some point, there will be a break and hopefully momentum in the direction of the break.
Overall, we are still in the lower extreme area of the recent range and if you look at the daily chart below, near the lows going back to 2017 (low for the year is at 1.11064 - that is the lowest low since May 2017). We are not far from that low level. A break should solicit more selling.
So sellers are still in control. The dollar is still king vs. the EUR. However, traders need to push the price out of the box.
