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Despite the Greek drama and the ongoing negotiation between Brussels and Greece government, EUR/USD exchange rate have been very stable and we have been trading inside a very frustrating range without any clear direction. It seems the market is not willing to neither resume the bearish trend nor to break higher and have a deeper correction.
Welcome to the summer range trading conditions when usually volatility subside and trading chase away as traders and hedge fund managers are taking a pause during this time of the year.
If we can define the range between the most recent swing high and low we have our current range between 1.150 big round number and psychological number and 1.0800 support level. However the range has become even tighter since beginning of Jun (see red box) and right now we have a 300 pips daily range. Here we have two options we either play the range and move in and out very quick or we wait for a better environment and wait for a clear break. For the time being I'm going to take the second option and wait for a clear break before to taking any action.
Best Regards,
Daytrader21
Welcome to the summer range trading conditions when usually volatility subside and trading chase away as traders and hedge fund managers are taking a pause during this time of the year.
Figure 1. EUR/USD Daily Chart
If we can define the range between the most recent swing high and low we have our current range between 1.150 big round number and psychological number and 1.0800 support level. However the range has become even tighter since beginning of Jun (see red box) and right now we have a 300 pips daily range. Here we have two options we either play the range and move in and out very quick or we wait for a better environment and wait for a clear break. For the time being I'm going to take the second option and wait for a clear break before to taking any action.
Best Regards,
Daytrader21
