Narrow trading range on a summer Friday
The EURUSD extended the weeks range and reached the next target at the 61.8% of the non trending range going back 5 or so months. That level comes in at 1.08453. The low reached 1.08426.
The range for the day is low 64 pips. The 22 day average is 127 pips. So there is room to roam on a break into the weekend. Having said that it is Friday....
This week the price moved away from the 100 day MA. Until yesterday, the price had traded above and below the MA for 7 of the last 8 trading days. On Wednesday, the price started to move away and yesterday, the price did not touch the MA line. Today we are lower but once again finding end of week support buyers at the 61.8% retracement level.
Looking at the 5 minute chart, the 1.0866-74 is resistance now with the 1.0872 as a level that looks solid. It was an old low that is now a ceiling (See chart below).
I never expect any miracle moves on a Friday (anything is possible) but that is what it looks like currently.
