EUR USD Glued to Retracement Zone

The EUR USD volume is light and the trading is balanced today.  Traders are unwilling to committ to a side ahead of the European Central Bank meeting and the U.S. Non-Farm Payroll Report on July 2nd. 

The EUR USD volume is light and the trading is balanced today.  Traders are unwilling to committ to a side ahead of the European Central Bank meeting and the U.S. Non-Farm Payroll Report on July 2nd.  

This market is locked inside of a range of 1.4337 to 1.3748.  The retracement area of this range is 1.4042 to 1.4112.  This pair has traded inside of this retracement zone 4 out of 5 day.  Although it is acting as resistance at this time, it is more of a balancing zone where buyers and sellers are equal.

Traders seem reluctant to put in the high tick of this current rally.  Many investors fear action by the ECB if prices get too high.  The fear is high prices will curtail export demand. 

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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