EURUSD waffles up and down in a modest range. Buyers try to take more control.

The EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term is trading in a narrow 37 pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term trading range to start the trading week. The average range over the last 22 trading days was 98 pips. At 37 pips, there is room to roam on a break one way or the other. Pick your poison.

The price action has seen modest up and down waves. The price is currently trading near the highs for the day at 1.07815 (third look at the highs). The current price is trading at 1.0776. The low price today reached 1.07442. The low was at the bottom of a swing area earmarked between 1.07442 and 1.07592 (see red numbered circles). Support buyers leaned, and pushed the price higher.

The pair also trades right between the 100 hour moving average above at 1.08045 (blue line), and the 200 hour moving average below currently at 1.07269 (green line). On the downside the 50% midpoint of the range since March 15 is also in play and would need to be broken to increase the bearish bias.

Last week, the price dipped below both the 100 hour and the 50% retracement (on Friday) near 1.0722. That break quickly failed. So traders could argue that the sellers had their shot. They missed. That may be a catalyst for the dip buying at the 1.07442 level today.

Having said that, the buyers need to show they have more umph than 37 pips off the low. They ultimately would also need to prove that they can get above the 100 hour MA (blue line). The 1.0759 top of the swing area is close risk for buyers looking for the break higher. Move below that level, and then the 1.0744 would not be a "good look" technically for the buyers.

IN the weekend video, I also look at the daily and weekly charts for a broader view. You can see that video by clicking HERE.