A wiggle here. A waggle there. The major pairs drift. Draghi due to speak at 1:00 PM ET
EURUSD. The EURUSD has drifted lower over the last few hours of trading. The pair just peeked below the 100 bar MA on the 5- minute chart in the process and the move did not exactly solicit a bunch of stops from intraday traders. Does the wiggle turn to a waggle (i.e. head back up)? PS Draghi is due to speak shortly. A move below the 100 and then 200 bar MA will get trader thinking lower again. It really sits on the fence.
GBPUSD. The GBPUSD has also wiggled lower over the last few hours after taking a peek (for this pair) above the 200 hour MA and thinking twice about it. The lower extreme for the day was tested. but not taken out. The market is still waiting for a break.
USDJPY. I am not sure I can comment much about the USDJPY. The pair is converging the range toward a flat line. The good news is that does not last forever. It needs A push. The midpoint of the days range is 118.50. The close from Friday is 118.74.
