Pair continues to respect the technical levels
THe EURUSD on Wednesday bottomed at the 200 day MA/200 week MA/swing area at 1.1343-47. The high stalled at the 61.8% of the 2019 trading range at 1.13927. Support and resistance held.
Yesterday the pair respected the lower support at the 1.1343-47 area. The high could only make it to 1.1380 in a narrow range day. So support held. Resistance remained at the 61.8% at 1.13927
Today, the upside was extended but the resistance at the 61.8% at 1.13927 stalled the rally. The high reached 1.1393 - just above the 61.8% retracement level.
So if yesterday, the second verse was the same as the first. Today the third verse is the same as the second and first. That is.... support at the 1.1343-47. Resistance at 1.13927. Traders are looking for a break.
PS the range for the week for the EURUSD is only 68 pips. You have to go back to 2004 to get a range as low as that. We sit in the middle of the range. Anyone see an extension before the end of the week? It would take a move above the 61.8% and the high for the week at 1.14115.
On the downside, it would require a break of the cluster of support (including the 200 day and 200 wwek MAs) and the week's low at 1.13435. The 200 hour MA and 38.2% is at 1.13234 and would be the next downside target on a break.
