2nd time to test 50% level
The EURUSD moved up to the 50% retracement level at 1.0819 after breaking above trend line resistance at the 1.0794 area earlier today.
The holding of that 50% retracement line, sent the pair back down to retest the broken trend line. The low reached. The 1.0793 - a pip or two below that trend line line at the 1.0794 area. The price snapped higher, and it is now retesting the 1.0819 level.
As per the prior post (click here), the high price from Feb 2nd stalled at 1.0828). That remains a target to get to and through. Then 1.08495 and 1.08724.
The range for the day is extended but the buyers have shown a desire technically to keep the bullish bias on the successful corrective move.
BUT we STILL need a break above the 1.0819 level.
Looking at the 5-minute chart, if the high is not taken out, the lows from the two tests at the 1.0793 area (which is key support) could also be a neckline for a head and shoulders formation (see chart below)
So yes.. we are back up but there is some work to do buyers...
