Technical Analysis

EURUSD doing its pre-holiday thing

EURUSD chops around near the middle of the range.

The EURUSD is doing it’s pre-holiday thing…That is chopping around.

Looking at the hourly chart, hopes were dashed yesterday fairly quickly when the price moved above the swing highs from Monday and Tuesday, but only by a few pips.

Hopes were then dashed again when the price fell below the lows from Monday and Tuesday again by a few pips.

Failure above. Failure below. The buyers and the sellers both had their shots….They missed.

In trading today, the price has moved back toward the middle of the up and down range this week with the 100 hour MA at 1.06138 and the 200 hour MA at 1.0621. The current price is between those two MAs (i.e., in neutral territory for buyers and sellers).

Ultimately, the pair will look to break either above the recent highs or below the recent lows. For now, happiness is trading above and below the 100 and 200 hour moving averages near the middle of those extremes.

(You kind of get the feeling that the traders are in the pubs toasting the holiday season)

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