Swing low for the week tested at 1.18816
Earlier today, the EURUSD tried to extend above the 100 and 200 hour MAs again -it tried yesterday afternoon- and failed (again). That failure led to a sharp move lower.
The SLR exemption news out of the Fed today, just led to a snap move to new session lows, but dip buyers against the low for the week stalled the fall. The low for the week is at 1.18816. The low just reached 1.18836 . We traded back to 1.1903 and currently trade at 1.1893.
The sellers are more in control (the control has waffled back and for this week) below the MAs. Closer resistance will be eyed between 1.1909 and 1.1913 area. If sellers can stay below that area, there should be another run at the lows for the day and the week. Break below the 1.18816 level and traders will target 1.1864-677 next.
For the week, the EURUSD highs were made on Wednesday and Thursday. That high at 1.1988 (on Thursday – the high on Weds was 1.1985) stalled just ahead of the swing high from last week at 1.19907.
The lows this week on Tuesday, Wednesday and again today, stalled at prior swing levels on March 8, March 9 and March 10.
The total range for the week is 107 pips. That is the lowest low to high trading range for 2021(prior low was 125 pips) . In 2020, the low range for a week was 80 pips (November 15 week).