The EURUSD has moved above its 38.2% retracement at 1.10684.
Earlier today, the price tested that retracement level and found willing sellers. On the downside, support held near Tuesday’s high at 1.10196. So the battle was on and the winners seem to be the buyers on the break of the retracement level.
The next targets come in at 1.1006 which was the swing low going back to February 24 and 1.11207. That high was the spike high after the ECB decision last Thursday.
A move above that level would have traders targeting the 50% midpoint of the move down from the February 10 high at 1.11497..
Buyers are making a play. Close risk is the 38.2% retracement. The upside has room to roam if the price can stay above the broken retracement level.
