It does not take much when in a narrow trading range
The EURUSD has extended to a new session high post the weaker than expected Durable Goods orders. That is the bullish news. Of course when the range for the day is 60 pips, it does not take much to extend higher (or lower for that matter. The pair range is now 64 pips. Yippee.
The last three sesssions including today have ranges of 55 pips, 65 pips and today is 64 so far. Now each day is up but the range for the week is only 147 pips so far. There were only 3 weeks in 2015 with a more narrow trading range and two of them were in December when the market was asleep. I know it is hard to see a catalyst for a break, but that is what they always say...It is best to be prepared and snoop for clues from technicals.
Looking at the hourly chart the price held the 200 hour MA earlier today, There is a channel trend line above and the 1.0839-46 area where there have been a number of swing highs going back to the end of December. If the price is to extend higher, these targets need to be broken. A move below the days midpoint at 1.0901 would not be a good sign for the buyers. Remember with a 64 pips trading range, the price can go either way. Right now the buyers are showing more control.
