London traders exiting for the day/week
The EURUSD has extended to new trading day highs as London traders look to exit for the day/week. Yippee!
Having said that going from 35 pips to 37 pips is still not all that great. : (
But that also means, there is still room to roam as trading heads into the NY session afternoon. : )
The trend line at 1.1252 in the chart above is the next target. That is only a few pips from the high yesterday at 1.12565. If the buyers stay in charge (we did base at the 100 day MA and are now above the 100 and 200 bar MA on the 4-hour chart above), getting up to that level is a doable target. That would imply about a 60 pip trading range for the day - still below the 22 day average of 71 pips.
Friday afternoon.....I know, and there is nothing really in the price action today gives loads of confidence (the price action is up and down all day today). So be aware. However, if a move below 1.1218 level is a stop (200 bar MA on 4-hour chart), it might makes some sense as a trade. I leave that up to you....
