The GBPUSD moved up to test its 50% midpoint and backed off

The EURUSD ran up to a new session high and in the process took out the highs from the month of November at 1.04798 and 1.0496. In addition, the price rise got within two pips of the 50% midpoint of the 2022 trading range.

The high for the year came in on February 11 at 1.14957. The low was reached on September 28 at 0.9535. The midpoint level comes in at 1.05155. The high price reached 1.05131, just two pips from the 50% midpoint level.

Sellers leaned against the key target level as risk be defined and limited, and the price has since rotated back to the downside we currently trade at 1.0486. That is below the high price from Monday's trade at 1.0496, but remains just above the swing high from November 15 at 1.04798. Those levels will be eyed as short-term risks bias levels. If the price can move below with momentum, we could see a rotation back to the downside on disappointment from not being able to get above the next key target.