Forex Trading For Beginners 2021: EURUSD trades near unchanged in an up and down day

The pair remains in a narrow 27 pip trading range

The EURUSD is trading near unchanged on the day in what has been an up and down day so far.

The pair moved to the upside in the Asian session to a high at 1.1463. The European morning session low came in at 1.14359. We currently trade at 1.1447. The pair has consolidated over the last two or so trading days (see red box in the chart above). That has allowed the 100 hour moving average to start to catch up with the price after Wednesday and Thursdays sharp declines to the week's trading low. Nevertheless it still remains higher at 1.14936 currently (blue line in the chart above)

The 27 pip trading range today is well short of the 59 PIP average seen over the last 22 trading days (about a month of trading). There is room to roam on a break either higher or lower today. Be aware.

The low from Friday's trade (and low for the year) came in at 1.14323. The next minor downside target comes in at 1.1424 which was a swing high going back to June 2020 and a level that the market based against before moving higher in July 2020 (see red numbered circles in the daily chart below).

Looking at the daily chart below, last week the pair moved below the 50% midpoint of the move up from the March 2020 low price. That level comes in at 1.14892. On Wednesday of last week, the price moved and close below that level and on Thursday, it stayed just below the level (at the day's high) keeping the bears in control. That level remains a key resistance level and bias defining price for both the buyers and sellers this week. Stay below and the bears remain more in control. Move above and there could be some disappointment on the failed break below the midpoint level.