Well the euro seems to stuck in a rut at the moment. Bar fleeting moves either side we have spent most of this month in about a 100 pip range. There’s been no real impetus from the market to take us in either direction. In such instances it becomes very difficult to trade. You position yourself to take advantage of a break only to see it fail. We’re in the realms of a non-trending market and that in itself can present plenty of opportunity. Look to trade the edges of the range with tight stops in case of a breakout.
We’re still being kept at bay by the 50 fib level from the Jan/Apr hi/lo at 1.3227 and on the H4 chart we can see that the 100 ma has crossed the 200 ma which could indicate a break to the upside is more likely that one to the downside. The 55 ma is still pretty much keeping us in check in quiet times over the last week and the 100 and 200 ma are creeping up on the downside at 1.2991 for the 100 and 1.2973 for the 200.
Other levels to note are the 100, 200 H1 & 55 d ma’s which are still entwined around the 1.3085/90 level and should provide sellers with a decent point to lean against in the near term.
With well known support at 1.3020 and orders at 1.3000 then again these will mark decent points for those wishing to go long.
