Activity is limited

The EURUSD has a limited range in trading today (66 pips total). The last 4-5 hours has been even more contained (only 31 pips). A new low for the day has been made in the current hour, but only by a single pip (way to go guys). The price is currently rebounding on the disappointment. The market does not seem to be any type of hurry, but the non trending characteristics is suggesting that there should be some extension at some point.

Looking at the hourly chart, the 1.08479 level has been somewhat of a dividing line for buyers and seller. The 1.0852 is the midpoint of the days 66 pip trading range. With the narrow trading range today and limited schedule, that may be the most logical level to eye/lean against on what has been more of a down day. Stay below and the there should be a move to new lows with a nice target being the 100 hour MA, 50% retracement of the move up from the April 23 low and the April 24 low. That comes in at the 1.0782 level.

A move above the 1.0848 -1.0852 may just swing the sellers back around to resume the up trend seen toward the end of last week. In either case, I think there is something about the 1.0848-52 area that should be of interest in helping to determine the bias in trading today.