The range for the day is narrow. It is Friday though
The EURUSD is stretching to the day's lows as the NA trading day begins. The low for the day is 1.0804. The current price is trading 1.0806. The low to high trading range for the day is 72 pips. The 22-day average is 98 pips. So there is room to roam. Keep an eye on the 1.0788 level on the downside today. That level is the 50% of the move up from the December low - the day of the ECB meeting where the price had a 466 pip range. The low corrective price on that Dec 3rd day was 1.0788.
Yesterday, the price extended below that level on two separate tests but ran out of steam. Be aware of the level.
Speaking of ranges, FXL follower Ricardo, correctly pointed out yesterday in a comment, that the EURUSD has a trading range of 274 pips in January. There have only been 4 months with a more narrow trading range going back to 2007 - all in 2014. There are 6 more trading days in the January trading month. Do we go and extend that range to something more respectable?
Yesterday Draghi gave a push to the downside and the low for the month was printed at 1.0776 (the range would have been even more narrow). The point is, for THIS pair, it has been a non trending month. We may not have a runaway trend - although we never know - but a Fed comment that the plan is the plan and a wiggle toward an easing at the ECB meeting and that can help guide the pair lower.
Part of the catalyst today is the EURGBP which has pushed lower today and has made new session lows in the last hourly bar. That pair is trading below the 200 hour MA for the first time since January 6th as GBPUSD continues it's correction higher today.
