Stays above 100 day MA
The range for the week is now 60 pips with nearly 4 days complete. The pair took out the prior low by about 5 pips to 1.0628 (from 1.0633) on a quick fall from Draghi comments.
The 100 day MA at 1.06239 was sniffed but the price remained above that level. Looking at the 5 minute chart, the correction first went to the 38.2% of the fall at 1.0648. Then tested the 50%. It moved above and the last of the sellers gave up. There is nothing else to say except the market is stuck in the mud.
We are in the middle of the 60 pips trading range (1.0658 is the mid point). The 200 hour MA is at 1.0661.
What can I say except, the 100 day MA remains a key level on the downside at 1.06239. On the topside, the 1.0700 is probably the most important technical level (even though the high is 1.0688 this week). That level is the midpoint of the range since the first week of March.
That is a range of 76 pips. We may just stay in that range until 8:30 AM tomorrow.
PS. I STOMPED on Ryan's post (like Arsenal STOMPED on West Ham) once again. Just CLICK here to read it... Sorry Ryan.... At least your fans won the chant war last night (CLICK HERE)
