Jamie has been touting the barrier option at the 1.2050 level. There is also trend line support at the level (see chart above). Traders will likely use the support to take profit with a stop below.
The range is 84 pips. The average range is 111 pips. This is better but there still exists a potential for further downside momentum on a break (i.e. an extension of the range). The topside should now find sellers against the 1.2077 level. This is the 38.2% of the move down from the most recent high and near the low from earlier in the NY session (low was at 1.2076).
Other targets from the last time the price was at the level back in 2010 are outlined in the chart below.
