EURUSD trades under the 61.eight% of the buying and selling vary since 2022 at 1.0200 however bouncing

The EURUSD moved to and thru the 61.eight% retracement of the vary for the reason that 2022 low to the 2023 excessive. That stage got here in on the pure assist stage of 1.0200. Breaking under was extra bearish.

The momentum on the break took the value all the way down to 1.01753, however promoting dried up and the value for many of the European and US session has been above and under the 1.0200 stage. The excessive corrective value has not too long ago reached a stage of 1.02206 which was simply wanting the January 2 low value of 1.0222.

If the patrons can push above that focus on stage – and keep above that stage – it may result in additional upside probing with the swing stage at 1.02718 as the subsequent upside goal (see pink quantity circles on the chart under).

Conversely, keep under and the sellers are firmly in management with a break under 1.0200 (61.eight% nonetheless a key barometer for each patrons and sellers

This text was written by Emma Wang at www.ubaidahsan.com.



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