<p>With a slew of data out today and Fed speakers on the schedule, the <a href="https://www.forexlive.com/terms/e/eur-usd/" class="terms__secondary-term" id="a68cd323-8af1-4ecb-a8dd-0aa83e90da63" target="_blank">EURUSD</a> is in a narrow 43 pips trading range. That compares to 86 pip average over the last month of trading. </p><p>The price tried to move higher in the European session, but found willing sellers against its 200 hour moving average (see greenline in the chart above). That <a href="https://www.forexlive.com/terms/m/moving-average/" class="terms__main-term" id="d39a8864-434f-487e-bd1e-f9b895111210" target="_blank">moving average</a> currently comes in at 1.0720. There is also a swing area between 1.0707 and 1.0729 to maneuver above. On a move to the upside today watch 1.0720 and 1.0729 for more bullish clues. Failure to get above keeps the sellers more control.</p><p>Looking at the hourly chart, the price is also below the 100 hour moving average (blue line in the chart above) at 1.07056. That tilts the bias more to the downside to start the US trading session.</p><p>On the downside, the swing lows from last weekend this week between 1.0668 and 1.06547 are the downside targets. Move below those levels opens up the door for further downside momentum. The price would be trading at the lowest level since January 9. There is a swing area between 1.0573 and 1.06156 that traders would target.</p>
This article was written by Greg Michalowski at www.forexlive.com.
