Technical Analysis

EURUSD stays within the narrow trading range.

The 100 hour MA being tested

The EURUSD is staying within the narrow trading range seen over the last week of trading. The high for the week reached 1.18932 (on Tuesday). The low extended to 1.18135 (on Monday).  The pair tested the lows yesterday at 1.18157. The high for the week was tested on Tuesday and again today (at 1.18906 and 1.18901).  

The price has moved off the highs and returned back toward the 100 hour MA (blue line) at 1.18584 along with a swing area between 1.18487 and 1.18515.   The low today reached 1.18506.  

The range of 80 pips this week is the most narrow since the November 24, 2019 (Thanksgiving week).  The extreme lows were tested yesterday and held support. The extreme highs were tested today and held resistance.  There is still a shot to extend through one of the extremes before the end of the week today, Right now, the buyers are trying to hold support at the aforementioned levels including the 100 hour MA and the swing area (down to 1.18487).  It would take a move below the 1.18487 level to tilt the bias lower.  

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