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Not going very far but staying above the moving average level
The EURUSD traded between the 50% retracement near 1.17606 and its 100 hour MA (blue line) in trading yesterday.
Today after sleepwalking through the Asian session, the pair was able to extend above its 100 hour moving average and has stayed above that level (on a closing basis) since breaking. The NY session low so far has moved down to touch the line, but found buyers against the level (the MA is currently at 1.18069).
The simple technical rule is stay above tilt the bias more to the upside.
The next target would be the high of for the day at 1.18342. That was also a swing hi going back to Tuesday’s trade. Above that and traders will look toward the 1.1843 to and .1850 area which is home to some swing levels going back to November 5 (see yellow area).
Overall, the pair sleepwalked through the Asian session and although the range has been extended, the pair is still groggy. The total range for the day is only 36 pips which is well below the 81 pip average over the last 22 trading days (about a month of trading).