Technical Analysis

EURUSD extends its narrow trading range

19 pip range coming into the day is extended

The EURUSD was trading in a 19 pip trading range coming into the NY session and has just pushed to new session lows.   I guess it was inevitable that there would be a extension.

The run lower was helped technically after the sellers showed up near the 100 hour MA (blue line in the chart above at 1.1257 currently) at the session highs. The price took a peek above the level but quickly fell off.  The sellers showed their hand.  

On the break, the price fell below the lower trend line and is now testing the swing low from April 10 and the low from last week after that, at 1.12257.  A break below would look toward the early April low at 1.1209.

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