The EURUSD range for the week is still only 71 pips
The employment number has come and gone with enough ambiguous stuff to make a run higher or lower, hard to figure.
Job growth was decent/strong. Earnings was not great (in fact it was bad). The Fed is concerned about inflation and will let the economy run hot with low inflation. The wage data is not supportive of “hot”. But jobs were solid after the February aberation.
So the pair moved up and down and up again. It is trading “nearer” the high for the day and just tried, to get above the 200 hour MA at 1.1235 – but failed.
The high for the day reached 1.1243. The low for the day reached 1.12163.
If the traders can give the pair another push above the 200 hour MA, there may be hope for a extension of the week’s very narrow 71 pips trading range up to 1.12543.
Puttting the week into perspective, we have not had as narrow of a trading range week since Apri 20, 2014, when the range was 70 pips for the week (see lower chart below).
Technically, the barometer for bulls and bears will be the 200 hour MA above (green line) and the 100 hour MA below (blue line). We need more momentum either above or below those MA levels to “hopefully” kick start a run into the weekend.