February 3, 2023

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EURUSD trades the range

1 min read

Holds 100 day MA.  Sellers at short term swing area

Yesterday, the EURUSD traded in a fairly predictable, but narrow trading range as support resistance held on either end. On the downside the low price held support against the 100 hour moving average and 100 day moving average at 1.2054.  On the top side resistance held against a swing area between 1.2088 and 1.2093.

Holds 100 day MA.  Sellers at short term swing area 

Today was to be about getting outside of that narrow trading range. 

It didn’t happen (at least for now).

The Asian session high (in the first hourly bar) stalled at 1.2088. The fall to the low did get below the rising 100 hour moving average, but held support ahead of the 100 day moving average at 1.2053 today (the low reached 1.20555).  

The current price traded between those two levels at 1.2070 and also trades above and below the 100 hour moving average which is stuck between the higher and lower extremes.  

So the market continues to non-trended and up and down fashion with defined risk/resistance above, and defined risk/support below.  When the market does this patient traders look to lean with stops on breaks (either higher or lower).  The “market” is saying it does not know which way the next shovel be, but it is willing to wait it out and hope for the best on the break. 

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