But now that the option has expired, what next
There is a large (2.2B) option expiration at 1.1200 level today (it just expired at 10 AM ET - see Mike's warning post earlier) and that has helped to keep the EURUSD supported against the level. The low in the NY session has stalled just above that level. 2.2 billion is a very healthy amount.
Now that we are after 10 AM E, things get reset, and the pair is free to roam. The range today for the EURUSD is only 35 pips. So there is room to roam
A key level on the downside comes in at the 1.1189. The 100 day MA and the 50% of the weeks trading range is at the level. We broke above that MA level yesterday and that helped create a bullish tone. The price did test that level today at the lows and remained above the level.
On the topside, the 200 bar MA on the 4 hour chart comes in at 1.1218 today. The pair has traded above the level on two separate occasions but each move failed. We are currently trying to break above that level. A move above - and staying above - will look toward topside trend line resistance at 1.1252. That trend line held at the highs yesterday.
