Stocks near lows for the day.
The equity markets have turned further to the downside, oilr prices are down 3.57% and that has pushed the EURUSD higher (USDCAD higher, AUDUSD and NZDUSD lower). The range for the EURUSD is only 51pips today (average is 97). So there is room to roam i.e., extend the range).
Looking at the hourly chart, the 50% retracement of the year's trading range comes in at the 1.08469. That is the next target on the topside. Above that level the 1.0859 – 66 area will be targeted. If recall from last week, the Tuesday lows came in at 1.0859. There was also a swing low on Friday, January 15. The 100 hour moving average is currently at 1.0866.
