EURUSD doing laps down and up and down in trading today.
The EURUSD remains confined in a range in trading today. The topside has resistance against the 1.1411. That level was the high from Thursday's trading. The NY session high got up to 1.14088 - just short of that level.
On the downside, earlier today, the support trend line connecting lows going back to March 30, found early buyers against it.
So overall the up and down action today, has buyers against support and sellers against resistance. At some point today - or later in the week - there will be a break and move away - or that is what I would expect.
Any interrim levels to eye between the extremes. Looking at the 5 minute chart, the pair just tested the 50% midpoint of the move off the low. That level comes in at 1.13829. The 200 bar MA come sin at 1.1386. If the recent move higher is to keep the bullish bias, there should be dip buyers in this area. A break below and the choppiness continues between the hour extremes outlined above.
These markets favor patience and leaning against the risk defining extremes.
