Topside trend line /38.2 retracement eyed
The EURUSD has limped higher in trading today after failing (once again) on the push to the downside. The low for the week came on Tuesday and that low took out last weeks low. It was invitation to go lower but the break stalled. Since then, the pair has seen higher lows, in choppy trading conditions.
The prices is trading back above the 200 hour MA at 1.1174. A close above level should be more bullish for the pair. What is more important though seems to be a topside trend line and the 38.2% retracement of the move down from June 14 at 1.1185. Those levels were tested earlier in the trading day and found sellers.
For the week, the price closed last Friday at 1.11945. The high was reached on Monday at 1.1212. The low at 1.1118. That is a whooping 94 pips for the week. If that remains, the week would be the most narrow since August 2014. Honestly the high for the week at 1.1212 seems miles away....