Up to 68 pips in up and down session....
The NY day started with a 42 pip trading range.
That was extended by 10 pips on a move higher in early NY trading (so range up to 52. The price held the 200 hour MA and came back down.
That move extended to new day lows (by 7 more pips Range up to 59 pips).
Now the upside was extended - this time to the 200 day MA at 1.10957. Add on another 9 pips to the range. So we are now up to 68 pips.
In my prior post I warned that if we move above the 50% level, the upside high might be extended. Well it has as traders do laps in trading today (see post here).
Choppy begets choppy and that is what we have seen in this pair today. The good news for the shorts is that the 200 day MA has held the line. The bad news for the longs is the pattern of the day suggests traders are trading the ranges.
Anyone see a new low before the day is up?
