The high is lower versus yesterday (1.2912 yesterday, 1.2899 today).
The low is higher versus yesterday (1.28348 yesterday, 1.2844 today)
The range is a mere 56 pips vs 108 average over the last 20 days. On September 3, the range was 51 pips.
From a technical perspective the 200 day MA at the 1.2824 level today, will continue to be support as will the midpoint of the months move higher at 1.2835. A move below this area should solicit more selling with trend line support on the daily at the 1.2781 level being the next target. The 1.2739 is the 38.2% of the move up from the July trading low.
Looking at the hourly chart, the high today stalled ahead of trend line resistance and near what was a low area from Monday, Tuesday, Wednesday. The topside trend line at the 1.2904 level along with the broken 38.2% of the months trading rangea t 1.29148 (1.2918 was the low from Sept 20) will be the next key topside target for the pair today. On the downside, the 50% of the September move at 1.28357 and the 200 day MA at the 1.2824 is joined by channel trend line support (see chart below). The price dipped below this trend line yesterday but could not sustain any momentum.
A bullish/bearish line splitting the support and resistance for the day may just be the close from yesterday. The market close at 1.2872 and in quiet days like we are having today, it is as good a value to hang a bullish or bearish bias as any.
