30 pip range up to 52 pips as sellers push lower.
The EURUSD has cracked out of the 30 pip range that confined the pairs trading today (see earlier post). The price has moved lower as buyers turned to sellers. As I type, the price has already moved to the 38.2% retracement at 1.18947. The range is up to 52 pips….make that 57 pips now.
Should the 38.2% retracement be broken at 1.18947, the traders will be targeting the swing area and lower trendline near the 1.1883 area. Break below that and the 50% and rising 100 hour moving average near 1.1872 would the the next targets. The price has not traded below its 100 hour moving average since August 13.