Trend line cuts across at 1.1318
As traders prepare for the ECB's Draghi's press conference, the EURUSD has successfully tested the topside trend line and found sellers on the 1st look. That trend line cuts across at the 1.1318 level. The high today peaked at 1.13138. Close enough.
If the comments are supportive of more upside, a break of the trend line would look toward the highs in August. The high close came in at 1.1352. The high price was at 1.1365. The 61.8% of the move down from the May high to the June low comes in at 1.1346.
The range for the day has reached the 22-day average. That is just the bogey for the day (range is 80. The average is 74). That range can be extended. IN fact, it is about time that the daily ranges might even start to expand out a little more now that the summer is over.
On the downside watch the 1.1270 level (was the high from yesterday). The 1.1262 is the 50% of the move down from May.
