The Friday sellers, buy back today. Data awaited
The Friday sellers turned around and bought today. The pair trades new highs as the market awaits PCE data and Personal income/spending.
Technically, the pair has moved back above the 100 and 200 hour MAs in the last hour or so of trading (blue and green lines in the chart above at 1.08658 and 1.08778). The pair has also tested the midpoint of the move down from last week's high to the low from Friday. That level comes in at 1.0888. The high price stalled at 1.0886 so far. The range for the trading day is 72 pips. The average is 103. So there is some room to roam on an extension.
As the hourly chart shows, the pair remains in the meat of the up and down range from January (most of the activity between 1.0788 and 1.09457. We are near the middle of the range. The market will take the clue from the data today. Keep an eye on the MAs below and the broken trend line above at 1.0898. A move below the MAs should solicit more selling again. A move above the trend line and the buyers show they are taking back more control from the sellers - once again.
