EURUSD trades in the middle of an up and down range. What sticks out?

EURUSD trades in the middle of an up and down range. What sticks out?

Narrow trading range going into long holiday weekend 

As the Good Friday/Easter Monday holiday approaches for Europe, the EURUSD is trading up and down in a narrow 40 pip trading range. 

What sticks out for me technically is:

  • The 1.22945-97 area held support. That area is home to a number of swing levels over the last 3 or so weeks of trading. Yes, the price has traded below that level too, but the level has also been used as both a floor and a ceiling too (see red circles). 
  • There is a double top at 1.23345
  • The price remains below the 200 hour MA at 1.23449 (green line in the chart above).  

We currently trade at 1.2309 as I type with the bias a little more bearish for the day.  The bounce was just not that inspiring:

The bullish is the price moved above the 100 and 200 bar MA on the 5 minute chart below.

The not bullish (bearish) is 

  • The price stalled ahead of the 38.2% of the move down from yesterday (at 1.23428)
  • The price stalled ahead of the 200 hour MA at 1.23448 currently
  • The double highs stalled at a key swing low from yesterday at 1.2334 (see red circles in the chart below.

We currently trade below the MAs on the 5-minute chart below.

That gives the EURUSD shorts/sellers more of a bearish bias, but understand the range is still very narrow and there is that good support below at 1.22945 below to get below. 

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