A move below 1.2200 eyed by bears
The EURUSD has a swing area at the 1.2202-11. That swing area is from lows from January 18 and 22, and swing lows from February 8 and 9. Today the price low did reach 1.2199, just below that level and just went back down to 1.2202, but is finding some buyers The price trades back at 1.2225 now.
On a break, the underside of the broken trend line comes in at 1.2179 (see chart above). The swing low from January 18 comes in at 1.2164. The 50% of the move up from the December 11 low comes in at 1.21358. For your guide, the low for the year was back on January 8th at 1.1915.
Right now the support is stalling the fall. The price is rebounding.
On the topside,the 38.2% of the move up from the December 11 low comes in at 1.22346. The high for the day moved to 1.22412. Most of the London session has been below that level. If the price is going higher off of the support floor, that will be a step in the bullish direction.
The range for the EURUSD is only 43 pips. There is room to roam in either direction. Yesterday, the Powell comments sent the pair below last weeks low at 1.22595 and a swing level at 1.2275-79 (see hourly chart below). The 100 hour MA comes in at 1.22919. Those are key levels that were broken on the news yesterday and will also be eyed by the bears as levels to lean against on a recover rally.
