Making new session lows
The EURUSD is extending the range for the day (was only 26 pips as New York traders entered for the day). The pair is also back down testing the 200 hour moving average which currently comes in at 1.12041.
Let's face it, the trading in the EURUSD has been up and down over the last few days, with little directional conviction. Looking at the hourly chart above, the high has been defined near the 1.1236 level. Today's high extended to this area and found sellers.
The low over the last few days, has found support buyers against its 100 day moving average (see D1 MA in the chart above). The 100 day moving average today comes in at 1.1183.
For the time being, the market traders are leaning against the 200 hour moving average (at 1.1204). For the sellers to get the satisfaction they need, that level will need to be broken and stay broken. If so, since the trading range is still only 32 pips (the 22 day average is 67 pips), there is room to room on a break. Getting down to the 100 day MA line at the 1.1183 would imply a range of about 53 pips. SO that target is certainly doable.
Close risk for traders currently comes in at the 1.1218 to 1.1226 area where the 100 bar MA on the 4 hour chart and the 200 bar MA on the 4-hour chart are found. The 100 hour MA is also at the area (at 1.1127).
