...comes off from the highs. Narrow range again for the pair.
The EURUSD has extended to a new session high but let's not get too excited. The extension was only a few pips so far. The range of for the day is still only 39 pips. That is not a lot. Then again the EURUSD has seen it's trading ranges contract. The high day range over the last 5 trading days is only 81 pips. The other ranges came in at 61, 72, 59. The range for this weeks trading is only 114 pips half way through. We are trading near the highs. Can the upside probe continue?
Technically, the pair moved to a low of 1.1348 today which was near a lower trend line. It was also just above the high of a support area defined by a bunch of swing lows from earlier in the month (see blue circles in the chart above). The 50% of the move down from the April 12 high also was in the area at 1.13488. So the creep back higher comes off of what was good support. So buyers leaned and they pushed (albeit modestly). Technically bullish.
The price is currently coming off that high and moving back lower. The price is trading at the 1.1373 as I type. Is there a level that switches the bias around intraday?
Looking at the 5- minute chart, the pair has been chopping higher with swings up and swings down. Overall the prior lows have not been breached. The last low came in at 1.1367. The 50% of the days range is 1.13677. If it stays above, we will "hope" (and it is hope) the upside price momentum can continue. If not, the technical picture will not look so bullish afterall.
