27 pip trading range. Above 50% midpoint
The EURUSD is still stuck in the mud after a down and up NY trading session so far (and an up, down and up trading day).
The sellers tried to push the pair below its 50% retracement of the range since July 30. That level comes in at 1.17857. However the move to the downside cannot be sustained and the price moved back up to a resistance swing area between 1.1800 and 1.18004. Buyers have not been able to extend above that area either.
With the current price is trading at 1.17946, the mud is getting thicker, the wheels are spinning and traders are wondering if there is enough energy to get out of the quagmire and push one way or the other.
But what we know is the lines have been drawn with moving below the 50% and staying below more bearish. Moving above the 1.1800 – 1.1804 as more bullish.