EURUSD waffles up and down in a modest range | Forexlive

The EURUSD is trading in a narrow 37 pip 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 of the other. Pick your poison.

The price has seen modest up and down moves. The price is currently trading near the highs for the day at 1.07815. The current price trading at 1.0776. The low price today reached 1.07442. The low was at the low of a swing area earmarked between 1.07442 and 1.07592. Support buyers leaned.

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 (on Friday). That break quickly failed. So traders could argue that the sellers had their shot. They missed. That may be the reason for the dip buying at the 1.07442 level today.

Having said that, the buyers need to show they are more than 37 pips excited off the low. They also need to get above the 100 hour MA. The 1.0759 is close risk for buyers. Move below and then the 1.0744 would not look good 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.