Range Markets

In first half of the previous trading session the Euro continued to rapidly advance against the Dollar and practically reached the 1.1850 mark.

However, the subsequent release of the American inflation and retail sales data that matched with analysts’ expectations returned the pair back to the 55-hour SMA near the 1.1780 level.

As this moving average is additionally backed up by a combination of the 38.2% Fibonacci retracement level and the weekly R2, there is a little chance that the pair will manage to break to the bottom without proper impulse.

The same applies for opposite direction, which is secured by the 50% retracement level and the monthly R1. So, this trading session the pair is likely to spend moving horizontally between these barriers unless the US manufacturing and jobs data will cause some notable price movements.