EURUSD swings between swing areas. Awaits the next shove.

In the weekend forex report video (watch by clicking on the link above), I outline the price action last week, the technical breaks and the key barometers and bias defining levels in play for the major currency pairs (PS the EURUSD analysis begins near 8:00 mark on the video above).

For the EURUSD, the pair settled the week at a swing area between 1.03485 and 1.03653. That would be the key barometer to start the week.

On the downside, the closest target if the ceiling held, would be the 1.0273 to 1.02935 swing area which is joined by the 38.2% of the 2022 trading range at 1.0284.

In trading today, looking at the daily chart, the low for the day reached 1.0271 - just below the low of the swing area at 1.0273. The high for the day reached 1.0350, just above the low of the higher swing area.

The current price is at 1.0311 - between the swing area (and above the broken 38.2% retracement).

So, apart from a two pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term break the technicals are doing their job with a 79 pip trading range.

However, what we know is the range is not going to stay at 79 pips. It may for the day, but there is a long way to go still, and the stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term has yet to start of course. The economic calendar is empty, but in these markets it does not take much to goose the market one way or the other.

Look for a break.

With the price lower for the day, the shorter term intraday traders may be leaning toward a correction lower, but that does not have to be. Looking at the 5 minute chart below, the low today - in addition to stalling near the low of a swing area on the hourly chart - did stall in the 38.2-50% correction zone of the trend move higher from Friday (that midpoint comes in at 1.02629). Buyers leaned in the area, and have pushed the price back higher.

The price is currently trading above and below the near converged 100/200 bar MA on the 5-minute chart. So the "market" is still working out the directional move. It is simply not sure yet, but it can go either way.