The EURUSD is trading in a narrow range today of only 63 pips. The average over the last 22 trading days is 107 pips. There is room to roam.
EURUSD is finding support against the 100 hour MA in trading today.
The 50% of the November/December range is at 1.24229. The price is currently trading above and below this level. The 100 hour MA (blue line in the chart above) comes in at the 1.2418 level currently. Over the last 5 or so hours, the market has been leaning against this MA level as a risk defining line in the sand. Stay above and the buyers remain in control and we can expect more upside potential for the day.
Move below and the extension will likely be more to the downside, with a target toward the lower trend line (and other support/resistance floor) at the 1.2393-97 area (see chart above).
It will be hard to gather much momentum before the FOMC statement and other releases with it (central tendencies and rate expectations). There are a lot of unknowns that will make what actual happens important for the dollar going forward. However, we have to be cognizant of the holiday’s and the impact from a liquidity standpoint. So trade lightly. Don’t fall in love, but like your positions. If you catch a move (intraday that is), consider taking at least partial profit, as the markets continue to be range-y vs trendy .
