Price remains confined to a 78 pip range for the week
The EURUSD has chopped lower in trading today but is now rebounding ahead of the speech by Chair Powell scheduled to begin at 9:10 AM.
The pair initially moved higher in the Asian session but stalled near the high from Monday at 1.18495 and the 200 hour MA at 1.18468. The high for the day reached 1.18493.
The move lower did take the price lower into the NA session and fell below an intermediate swing area between 1.1797 to 1.1801. The low reached 1.17936. The last few minutes has seen the price run back up to 1.1837 before the Fed Chair’s speech.
For the week, the high comes in at 1.18495. The low comes in at 1.1772. That range is only 78 pips. That is in the lowest trading range for a calendar week of the year if it were to remain confined into Friday’s close.
I would expect that there would be a breakout of that range and an extension before the end of the week. Needless to say, Powell’s comments could be the catalyst for that move outside of the range. Also, there is room to roam.