EURUSD trades in a narrow trading range | Forexlive

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The EURUSD is trading in a small 40 pip trading range. That is well short of the 86 pip trading range over the last 22 trading days (around 1 month of trading). There is room to roam. The price action is taking a breather….for now.

Looking at the hourly chart above, the high price today stalled near the 50% of the 2023 trading range near 1.07558. The downside has been skimming support near a swing low area between 1.0711 and 1.0724. The price is extending to a new session low as I type at 1.0717. Can the price get and stay below 1.0711 and then the 61.8% at 1.06909.

Sellers have pushed the price from a high last Thursday of 1.10308 to a low yesterday at 1.0668. That is a move of about 362 pips in a short period of time.

However, the 50% has been a ceiling area both yesterday and today. Getting back above that level is required to give the technicals more of a positive bias. Absent that and the sellers are still in play and more in control. .