Swing area between 1.18507 and 1.18568
The EURUSD moved higher in the London session, but like yesterday, found sellers in a swing area between 1.18507 and 1.18568. The high prices reach 1.1855 and rotated back to the downside. Risk focused traders who leaned against that swing area are being rewarded. The question now is can a continue the downward bias and stay below the aforementioned swing area above?
The pair is currently trading at 1.1840.
The low to high trading range for the day is a very modest 21 pips. That is much lower than the 48 PIP average (which is already low). There is not a lot of meat on that trading bone. The good news is there is room to roam.
The 1.18243 to 1.1830 is the next modest support target on further selling.
Better support comes in against the rising 100 hour moving average and the broken 61.8% retracement which both come in near 1.1814.
With a narrow trading range, sellers against the high May look toward the high price from Tuesday’s trade at 1.18446 as resistance now. Stay below, keeps the sellers in control (at least intraday).