Ahead of the CPI and claims data, the EURUSD remains mired in the confined range that keeps the buyers and sellers in a battle for control.
The range for the week is only 65 pips. That is very narrow for a calendar week. The high was on Monday at 1.1461. The low was on Tuesday at 1.1396. The current price is trading at 1.1434.
Looking at the hourly chart, the price in the early Asian session dip below its 100 day moving average at 1.14164, but that break was short-lived, and traders started to lean against that moving average for support.
On the topside, the 100 hour moving average at 1.14306 put a lid on the pair in the Asian session, but has been broken to the topside during the London morning session. With the price at 1.1434, it is just above that moving average level. The high price today stalled just ahead of the high from yesterday at 1.1447. The high reach 1.14457 so far today.
Both the 100 hour moving average at 100 day moving average will be barometers for the trading today. Stay above is more bullish. Move below is more bearish. On the topside, 1.1457 to 1.14634 are the next target followed by the triple highs near 1.1483. Get above that level and it opens the door for further upside momentum.
On the downside, a move below the 1.1400 would likely lead to more selling momentum with the 50% midpoint of the move up from last Thursday's low at 1.1374 and the rising 200 hour moving average at 1.1364 as the next downside targets
