Forex technical analysis. EURUSD trades at new lows after US data

Technical Analysis

Author: Greg Michalowski | forex-technical-analysis

Range is 107 pips for the week.  

The EURUSD is trading at session lows for the day and moved toward the support floor area for the week. 


The low on Monday at 1.11609 was followed by the week's high on Tuesday at 1.12678. That is a range of 107 pips. The lowest trading range was 106 pips back on March 19th week.  Do we extend before the weekend?

On Wednesday the lows come in at at 1.1169 and 1.1168. The high from May 18th came in at 1.1169 and 1.1171.  The 200 hour MA is currently at 1.11706.  All that says 1.1161-71 is floor area with lots of stuff. Get below and there is room to roam.  

Above the 100 hour MA at 1.1213 is now a ceiling again.  The price has been wandering above and below the level over the last few days.  The price also fell below a trend line on the hourly chart near that level today.   That increases that levels importance. 

Admittedly, the horse sort of left the barn, the market in this pair has been non-existent this week, but get a break of all the stuff, and technically, the pair could/should see some momentum lower.