The EURUSD extended the weeks range and reached the next target at the 61.8% of the non trending range going back 5 or so months. That level comes in at 1.08453. The low reached 1.08426.
The range for the day is low near about 64 pips. The 22 day average is 127 pips. So there is room to roam on a break into the weekend.
This week the price moved away from the 100 day MA. Until Thursday, the price had traded above and below the MA for 7 of the last 8 trading days. On Wednesday, the price started to move away and yesterday, the price did not touch the MA line. Friday we are lower but once again finding end of week support buyers at the 61.8% retracement level.
Looking at the 5 minute chart, the 1.0866-74 is resistance now with the 1.0872 as a level that looks solid. It was an old low that is now a ceiling (See chart below).
I am expecting the pair will touch the 1.0800 with in the next week and if it breaks then hope to reach to 1.05000 soon.
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