Appears towards the 50% midpoint
The EURUSD has cracked to new session highs and within the course of has prolonged the vary for the day. The excessive reached 1.13698. The 50% retracement is up at 1.13736. Above the 50% and merchants can be eyeing the 100 day MA up at 1.1397 right now.
Earlier right now, I wrote:
We at the moment commerce across the 1.13346. The 38.2% of the transfer down from the January 31 excessive is available in at 1.13405. That retracement could also be an intraday barometer for bulls/bears (though it has not been that nice a barometer up to now right now with the chop). It was additionally the swing excessive from February 13. So merchants ought to care (proper?). To date they have not.
Working within the favor of an escape from the chop, is the vary for the day is barely 33 pips (22 day common is 61 pips). So there may be room to roam (both approach) Bear in mind.
The pair did transfer above the 1.13405, and it stayed above the 38.2% retracement degree. The vary for the day is now as much as 46 pips which remains to be wanting the 22 day common of62 pips. Can the market take one other run greater? The excessive from yesterday got here in at 1.1357. The early excessive for the day reached 1.13576. A transfer beneath these ranges would possibly scare longs now. Holding could be excellent news for an additional run greater right now.