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Pair continues to respect the technical levels
THe EURUSD on Wednesday bottomed at the 200 day MA/200 week MA/swing area at 1.1343-47. The high stalled at the 61.8% of the 2019 trading range at 1.13927. Support and resistance held.
Yesterday the pair respected the lower support at the 1.1343-47 area. The high could only make it to 1.1380 in a narrow range day. So support held. Resistance remained at the 61.8% at 1.13927
Today, the upside was extended but the resistance at the 61.8% at 1.13927 stalled the rally. The high reached 1.1393 – just above the 61.8% retracement level.
PS the range for the week for the EURUSD is only 68 pips. You have to go back to 2004 to get a range as low as that. We sit in the middle of the range. Anyone see an extension before the end of the week? It would take a move above the 61.8% and the high for the week at 1.14115.
On the downside, it would require a break of the cluster of support (including the 200 day and 200 wwek MAs) and the week’s low at 1.13435. The 200 hour MA and 38.2% is at 1.13234 and would be the next downside target on a break.