200 hour MA above. Trend line below
We are a few hours into the NY trading session and the EURUSD remains in a narrow trading range. However, the low and high did respect support and resistance levels as the buyers and sellers battle it out.
On the downside, the lower trend line stalled the fall and the price bounced. That trend line comes in at 1.2293 now.
On the topside, the 200 hour MA (green line) stalled the rise, and the rotated lower. The MA comes in at 1.23161 currently.
That is not a lot of pips between the support and resistance, but the levels do define the break points for traders. At some point, there will be a break and run.
Remember, the US time change extends the always interesting London fixing an extra hour. The 4 PM London fixing has an hour and half to go. London changes there clocks on March 25th. So there are two weeks where London/European traders hang around for an extra hour in the NA session.
