The 61.8% target found buyers on the downside at 1.12689 area
The EURUSD is mired in an down and up and down day. The low reached down to the 61.8% retracement at the 1.12689 (low for the day reached 1.12676 before bouncing). The highs in the London morning session extended up the 1.12994. Three hourly bars stalled at 1.12993 or 1.12994. - just below the natural 1.13000 level.
The price has now moved back lower and dipped back in the red for the day. The close from yesterday was at 1.1285. We currently trade at that level after dipping to 1.1276.
On more weakness, the 61.8% is followed closely by the 100 day MA at 1.1259.
Going back to mid-June the price used that MA as a barometer for bullish above and bearish below (see blue numbered circles). A would expect that intraday risk focuses traders will respect a test, with stops on a break below. The 1.1242-46 is the next target below the 100 day MA.
On the topside, moving back positive on the day, could be enough to swing the price back up to the 1.1300 level for the 4th test. A squeeze above would be met with more buying as the range is day is just too narrow at 32 pips (average is 62 pips over the last month). A topside target area would be in the 1.1316-23 area (see higher yellow area in the chart above).
