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.