The trend continues for the pair. The range is now 121 pips
EURUSD continued to rise on the overall dollar selloff.
The pair is not traded 121 pips from low to high. That’s well above the 70 average seen over the last 22 trading days (around the trading month). There was some corrective movement in trading today (see 5 minute chart below).
Looking at the hourly chart, the pair is approaching a key upside target defined by the falling 200-hour moving average and the 50% retracement of the trading range from the October 21 high. These levels are currently approaching the 1.1750 level. The high price of the day so far reaches 1.17393.
A test of this double level would give risk-oriented traders a low risk trading opportunity. Stalled near the level and we could see a reverse rotation lower towards the broken 38.2% 1.17201 retracement. Break it up and the shorts come out with a little loss. This is also a level of profit taking for traders who have entered the uptrend today.