Tests 50% retracement level
The EURUSD has had an up and down day today with a rally in the Asian session, and a fall in the European session.
The pair is trading near the session lows for the day, and in the process is testing its 50% retracement of the move up from the February 21 low. That level comes in at 1.11368. The current price is trading round that levels as I type.
Earlier today, the rally stalled against the broken 38.2% retracement 1.12205. The pair is ping-ponging between the retracement levels.
On the downside, the 200 day moving average comes in at 1.10989, and below that the 100 day moving average at 1.10644 are the next key targets. Yesterday the price extended to those levels (and the 61.8% retracement) and finally found dip buyers. The price rebounded into the close. The close yesterday was at 1.1184.
For the week, the high was made on Monday at 1.14918. The low price yesterday moved to 1.1053, before the rebound. That correction yesterday was around 38.2% of the move down (not shown but the 38.2% comes in at 1.1221). The high price today reached 1.12203 just below the 38.2% of the week's trading range. The fall below the 100 hour and 200 hour moving averages and staying below the topside channel trendline, has the bears more in control
