EUR/USD is trading in a 23 pips range today
That pretty much says how quiet the market has been so far in the session. Did England's loss to Croatia knock the stuffing out of UK traders today? Alright, maybe it's a bit too soon for that.
Anyway, at the lows today the pair sits near the 1.1670 handle where there was a series of swing highs over the last month - which provided an area of resistance-turned-support now and we've seen subsequent bounces around there. But at the highs, the pair falls short of the 200-hour MA (blue line) @ 1.1695.
It's been tepid trading as traders are looking for the next catalyst, and it is likely we'll have to wait for US trading for that. The US June CPI figures are only out at 1230 GMT and that will be the key data release for the remainder of the week basically.
The dollar index itself is nearly flat on the day, offering little direction for other major currencies as well.
It really feels like a typical summer's day of trading now with the ranges we're seeing. Here are some levels to look out for in the pair if the range extends later:
Resistance
- 1.1700 - offers, figure handle
- 1.1720-30 - 50.0 retracement level, 100-hour MA
- 1.1750-58 - swing highs
- 1.1771 - 76.4 retracement level
- 1.1791 - 9 July high
Support
- 1.1640-50 - 38.2 retracement level, swing lows
- 1.1625 - swing highs (resistance-turned-support)
- 1.1600 - bids, figure handle
- 1.1589 - 23.6 retracement level
