From 38 pips range to 94 pip range…

Remember at the start of the day the EURUSD was in a 38 pip trading range.  That range  has now been extended to an above average of 94 pips (the average is 82 pips) – and it might not be over.

Looking at the daily chart, the EURUSD has a head and shoulders look to it.  The neckline cuts across at the 1.1256. That is still a ways off of course but if the momentum does continue, a break should solicit more selling.  The low for the week is 1.1273.

Remember… the range for the week is still only 114 pips (1/2 way through the week). That is the lowest range since Christmas week in 2014. So the chances are, that we do get an extension at some point down the road.  The path of least resistance seems to be the down side.
Courtesy: forexlive.com

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