The dollar generally declined after the much weaker than expected retail sales report. Empire manufacturing was better than expected, but remains the second worst reading ever recorded.
EURUSD has increased. The price goes from around 1.08002 to a high price of 1.0839 (we are currently trading at the highs). This increases the trading range for the day up to 51 pips. The 22-day average is up to 77 pips, so there is still room to move around.
Technically, the price exceeds its moving averages of 100 and 200 hours. The 100-hour moving average is 1.0821. The 200 moving averages at 1.08245. The price also seeks to extend above the middle of the trading range for the week at 1.0835.
For the week, the high price arrived at 1.08957 on Wednesday. The lowest reached 1.07742 at around 121 pips.
Buyers are making a game above moving averages. Stay on top of everyone and the bulls stay more in control. One dive below and the waters get a little muddier.
In another bullish momentum, the 61.8% retracement of the week’s trading range is 1.08493. Above that is the 38.2% retracement of the May trading range which is 1.08623.