What sticks out and why?

EURUSD:

Take the December low

Take the May high

Split the difference and you get 1.1067.

Since about 9:30 ET, the EURUSD has been below 1.1067 level. For about 24 or so minutes the price traded above it after the employment report. That area - between 1.1060-67 is level one on the topside.

Level 2 remains the cluster of MAs above.

  • The midpoint of the week is at 1.1093.
  • The 200 day MA is at 1.1094
  • The 200 hour MA is at 1.1095
  • The 100 hour MA is moving away from those two at 1.1088 (and moving lower).

Forget the "the market" took the price above those MAs less than 4 minutes today. Was that stops being triggered. It sure was. That is why the MA's are there. They are levels where risk is defined and limited. It also is an area where it is bullish above and bearish below. It was bullish for 3 minutes today and the rest was bearish.

Next week we will look to stay below those levels. We will look to move away from those levels.

If we can we will be looking to get below the 1.1023-28 level Those were the lows from June 30 and July 6th. Today we had some 27 minute bars that traded below the 1.1023 level.

Guess what traders?

Either we will need to trade more than 24 minutes above the 1.1067 level and 4 minutes above the 1.1095 level - if we are going higher.

OR

We need to trade more than 27 minutes below the 1.1023 level.

Those broad brush strokes may not be that broad. In fact, they are pretty narrow, but the non-trending nature of the market has made it that way. It also has me anticipating a trend move away. How far? I look for a bigger range next week than we had this week....

For the rest of the day, I hope the market just dies in here, and the market opens between these goal posts next week, so that next weeks canvas to paint on is empty and we can see the picture "the market" paints.

So what are the bullish or bearish potential target?

Painting broadly, the 1.0777 would be be a target with 1.09377 and the Brexit low at 1.0910 as targets.

On the topside, the 100 day MA at the 1.1225 and then the 1.1435-65 become bullish targets.

Right now. the market is just sitting there. We need to think and plan ahead if we are to get ahead. So let the market decide and see what happens on a break.