The next frontier broken
The EURUSD has been able to move outside of the chop (see prior post from earlier today) and is reaching to new frontiers as it also moves above the 50% of the move down from the September 8 high and even extends the dismal weeks range by a pip or two. The 1.1277 is the next target in the step by step process (61.8%). The high from September 9 is 1.12844.
Looking at the daily chart, the 1.1262 level is also a key level in that it represents the 50% of the move down from the May 3rd high to the Brexit low. The next key target on that chart looks toward the 1.1300 level where the trend line cuts across.
PS The range for the week is up to 70 pips. That equals the low trading range in 2014 for a weeks time period. The low trading ranges for a calendar week in 2016 and 2015 has been about 125 pips. So there is room to roam. If the buyers can keep the control, that should be a minimum target going into the next portion of the week. We will see....
PSS the 100 week MA is 1.1251. Staying above is more bullish. All these little clues.....
