Not much meat on the trading bone today
The EURUSD is trading in a 50 pip trading range today. Not much to go on there. The average over the last month has been 111 pips. The 50 pips only represents 45% of the norm. If the range stuck, it would tie the most narrow range for the year (from May 25th - was US Memorial Day holiday).
The price is down 20 pips from Friday's close. The low for the day comes in at 1.11638. The high was reached in the Asia-Pacific session at 1.112137. The European session high came in at 1.12024. The European range = 38 pips. That's it. Not a lot of meat on that trading bone.
Personal income (est +0.4% vs +0.4% last) and spending (est. +0.4% vs +0.3%) will be released at 8:30 along with PCE data (MoM 0.0% vs +0.1%, Core +0.1% vs +0.1%. YoY +0.3% est. and Core YoY +1.3% est.)
The price has been trading above and below the 200 day MA at 1.1186 (currently below that level at 1.1171) THe 100 hour MA is flatlined at 1.11745. The bias is a more negative, with risk being the 200 day MA right now. The targets below are for a move below the 1.11584-62 area (were some lows over the last few days at that area. and then the 100 day MA at 1.1145. A move below that level opens the door for the lows of last week (1.11046 was the low).
