EURUSD in a 26 pip trading range....
It is becoming a cliche. The EURUSD is in a narrow trading range. I know..."What will make it move?" That is what I want to hear. Loud voices saying it is not going anywhere for ever and ever....It is then, it will move.
Now that may be today. It may be tomorrow.
Right now (well yesterday and today and part of Friday), the pair has been trading all around MA levels and in a very narrow trading range (35 pips - see chart above).
Looking at the 5-minute chart above,t eh 200 hour MA on the 4-hour chart is at 1.1085. the 100 bar MA on the 4-hour chart is at 1.10766. The 200 day MA is at 1.10784. The 100 and 200 bar MA on the 5-minute chart is snaking between that narrow extreme.
Today traders tried to sell below the 1.10766 level...no go.
Traders tried to buy above the 1.1085 level (the 200 bar MA on the 4-hour chart)....no go.
One day it will be a "go" (or at least that is what I will be looking for.
Don't make a judgement just listen to the market price action. Look for a break and momentum. Patient. And you can also listen to the crowds screaming "It is going no where". It may just decide to then "go some where".
