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Forex technical analysis: EURUSD moves down a little but rebounds.

Range still narrow. ADP better than expected but...

...the market does not care.

The EURUSD range was extend to 42 pips from 34 pips. Still really low.

The pair is down on the day (closed at 1.0866). The last high stalled against a topside trend line (now at 1.0870). The lower closest trend line comes in at 1.0831. Below that the pair will be looking toward 1.0802 to 1.0775 area. Looking at the 4 hour chart below, there was a number of lows that swung in this area going back to early December (see chart below). On the topside, there is that trend line above at 1.0870.

The oil inventory data at 10:30 might be another catalyst for a move. The pair is now moving toward unchanged levels at 1.0866 (at 1.0861) as sellers get no love. The price action is not great folks. Up and down spurts and starts. Trading near the days midpoint. Watching but not seeing much.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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