Key Technical Levels
The EUR/USD has come under pressure today which creates a short opportunity with the rising trendline just below near 1.4715. The pair may look to consolidate at that level as markets debate the longer-term direction. Upside potential has been capped at the 20-Day SMA at 1.4842 giving traders solid support and resistance levels to target.
Quantitative Metrics
The Bollinger Band width for the EUR/USD has started to narrow which could be a sign that we may be seeing volatility diminish. At 584 pips it is one of the smallest of the pairs listed below as the pair has been relatively quiet. An ATR of 127 pips makes the case for targeting the pair fro scalping strategies. The diminutive daily range only accounts for 0.86% of the spot price which is the smallest ratio amongst the majors.
Click For Additional Info On Scalping Strategies
To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
