The EURUSD bounced just ahead of the Tuesday low at 1.09604 yesterday (the low reached 1.0963), and moved up to test the 200 hour MA and broken 38.2% of the move up from the March 7 low into the close yesterday at 1.1010.
Today in the Asian session. the pair squeezed modestly above each level again to 1.1013, but quickly stalled and moved back lower.
The price moved it’s way down to the 50% midpoint of the move up from the March 7 low at 1.0971. The price has since chopped up and down between at midpoint level and 1.1000 natural level of resistance. The current price trades at 1.0978.
A move below the 50% retracement would next target the lows for the week between 1.0960 and 1.0963. Move below those levels and traders will start to target the recent swing lows that step down to:
1.09487 – low from March 16
1.0925 – low from March 15
1.0899 – lows from March 11 and March 14
Conversely hold support the 50% retracement (dip buyers are leaning against the midpoint level), and the buyers need to get back above the 38.2% retracement, 200 hour moving average and 100 hour moving average coming between 1.1010 and 1.10162.
For the week, the low to high trading range is only 110 pips (the high was on Monday. That is near the low range for the year (the lowest range was 103 pips in the first week of the trading year. There is room to roam on a break.