EUR/GBP close with a Daily black body yesterday. For the past 10 Daily candlestick bars as of 24/04/2013, there are 5 white candles versus 5 black candles.For the past 50 Daily candlestick bars as of 24/04/2013, there are 26 white candles versus 24 black candles with a net of 2 white candles.
Three Daily black candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily black crows, the steady downward pattern is bearish.
SAR genrated a Sell signal 4 days ago.
The close is currently
ABOVE its 200 daily moving average
BELOW its 50 daily moving average
BELOW its 20 daily moving average
The current market condition for Euro Dollar / British Pound is Mildly Bullish
Euro Dollar / British Pound is long term Bullish as the 144 days moving average of 0.84 is increasing. The Relative Strength Index is at 47.03 in the neutral territory. The Relative Momentum Index is at 50.74 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.00, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 1.79. This value is in the oversold territory.
You are right that the conditions in most of the markets are ranging now, only the stock indexes went higher in a steady manner, gold is in a slow corrective mode and everything else is ranging. In these situations it is better to use ranging strategies like the one you mentioned - retracement of the EMAs. It is necessary to properly select the time frame for your trades, not too large but also not too small in order to capture the most probable profits. If you have any questions don't hesitate to ask here.