The range for the month is a low 200 pips, but lots of support below.
The EURUSD has moved to a low of 1.22224 today. The low for the month comes in at 1.22139.
The range for the month is 200 pips so far. That 200 pips is the lowest trading range since 195 pips back in June 2014. There is 6 more trading days in the month of April. Do we extend? The odds of making a near 4 year record is not a bet I tend to make. Anyway we are not far from extending that range (at 1.22139).
While extending a range is something we should look for, a new low will be running into some key support at the 100 day MA that could make a run more difficult. That MA comes in at 1.2202 today. The price in the EURUSD has not traded below the 100 day MA since December 19, 2017. UGH.
Looking at the daily chart (see chart at the top), the pair fell below a trend line on the daily at the 1.2241. The high correction so far has reached 1.2244. We currently trade at 1.2241. Does that trend line stall the pair? The low last week reached. 1.22485.
The 4-hour chart:
- The low from April is 1.22139.
- The low from Feb was at 1.22047.
- The 100 day MA is at 1.2202.
The low from March 1 comes in at 1.2153 and would be a target on a break of all that stuff.
The 1.22485 was the extreme low from last week. The 1.22485-1.22602 is home to a bunch of swing levels. If the price does correct a little higher, that area will be a line in the sand to expect to see sellers. Then there should be a run to new lows and that 1.2202 level which is the ubiquitous 100-day MA.
