Can't extend above recent highs
The EURUSD continues to fight the range bound demons that have kept a floor and now lid on the pair. The recent swing highs came in at:
- 1.1295 on Sept 24
- 1.12807 on Sept 29
- 1.1317 on Unemployment Friday -October 2
- 1.1288 on October 5
The high today comes in at 1.1284. No can break.....
Yesterday, the pair in the NY session -based against the 200 hour moving average (green line in the chart above). That was a technical catalyst for the surge higher. The lid is simply not allowing a break through. Fundamentally, the German industrial production data today the little to help the upside.. EURGBPs sharp tumble today is also keeping the pair contained. UK IP data was better than expected.
ON the downside, the 50% of the October trading range comes in at 1.1226. The 100 hour moving average comes in at 1.12179. The 200 hour moving average comes at 1.12106. Patient buyers will likely lean against the moving averages, on a dip. Patience. The pair is simply still battling with range bound demons.
