EURUSD Confined to Tight Ranges
Prepared by Jamie Saettele, CMT
The EURUSD rally from the 3/15 low (13003) has stalled at the 20 day average / 2/9 high and just shy of the 61.8% retracement of the decline from 13486 (13301) and 3/8 high (13290). The inability of bulls to penetrate this level combined with the fact that the month to date high occurred on the first day of the month is bearish. Volatility is extremely low and there are much better things to trade right now but if you are bent on trading the EURUSD then look lower towards 13080-13120 as long as price is below 13255.
Bottom Line (next 5 days): sideways/lower
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