EURUSD consolidates above and below its long-term 50% retracement level

The EURUSD has been consolidating above and below it's longer term 50% midpoint. That midpoint comes in at 1.1598. The high price today reached 1.1621. The low price today reached 1.1580. The high price from yesterday reached 1.16261. Today's high has seen traders leaned against that level.

 

 

The low to high trading range day is only  41 pips. That is well below the 22 day average of 76 pips.  The last 23 hours of trading  since breaking above the 50% level, has seen the range confined to only 46 pips. The price is non-trending as traders figure out the next move.

 

At some point the traders will push the price one where the other.  The price is currently above the midpoint level. That gives a nod to the bulls at the moment.  

 

Reprinted from forexlive, the copyright all reserved by the original author.