The Market Is Wandering Around As The Weekend Approaches

The EURUSD bounced off the support level at the 100 bar MA  but has since given way to the downside.  The move now tests the daya midpoint at 1.4046.

Resistance remains at the 1.4011 level where the trendline on the daily chart is located.

The GBPUSD has the low for the day near the opening level, but the move higher today has been anything but smooth.  The market remains very choppy and in the hands of shorter term traders who are quick to exit at the first sign of a reversal.   The action is simply not inspiring to be completely honest.

The USDJPY non-trended earlier at the 95.90, then transitioned into an intraday trend lower.  There is trendline resistance at the 95.34 level.  If the level can be broken, the possibility exists for a move up to the 95.58 area.  However, it could still just consolidate sideways and allow the moving averages to catch up.   Look for momentum on a break. IF it does not show, more of a random flow.  Stocks lower could keep the topside to a minimum for the pair, however.

The action is more range bound with fits of minor trends.  Friday squaring will add to the uncertainty/risk.

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