Range trading is usually not for the faint-hearted but a domain often reserved for the skilled traders willing to take a piece of the market at a time. At the moment, the Euro has serves range and how do you brace yourself in this economic climate?
Euro Continues Range
The last three sessions have seen the euro dollar, EURUSD vacillating along the 1.2640 midpoint the amplitude thus generated shrinking by the hour.
The morning trades began where the Asian and Pacific session left off trading below the 1.2640 yardstick as seen on the chart above, on our intra day trading.
With the market eager to please, it traded above the 1.2640 level only to crash its way back below the threshold thus forming a tweezer-bottom. From this new level, we are anticipating a retest at 1.2675 – the Fibonacci’s 62% level. If this fails, brace yourself for lower lows 1.2500.
In the mean time, we are bullish bias. At best, we could see a further push for the 1.2738 which lies at the 100% level
For now that seem a long shot. How much strength it has to achieve this may depend on the wind of the day. Word of advice, be prepared to take little profits. Have a great day of trading, trade with caution and protect your capital.
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