The EURUSD retraced lower today reaching down to 1.0758. That took the price into a swing area between 1.0747 and 1.0759. Recall from yesterday, the price broke above that swing area and also extended above the high from last week at 1.0779, but backed off into the close. In the Asian session today the price could not extend above the high from yesterday 1.07865, leading to the correct move back toward the support area.
The question for traders today is "Can they push higher after retracing into support?"
Moving above 1.07865 would have traders looking toward the key 100-day moving average and 38.2% retracement near 1.0810. That area remains a key barometer for both buyers and sellers going forward. Move above and the bias shifts back to the upside. Stay below and the bias is still favoring the bears in a longer-term perspective.
In the short term, however, holding the old resistance and bouncing keeps the buyers in play and more in control.
