The time has come (quicker than expected -see earlier post). The EURUSD is testing the 200 hour MA and the 38.2% of the move down from the May 21st high to the low on Friday at the 1.2491 level. Looking for sellers against the level on the 1st test. A move above would next target the 1.2554 level (midpoint of the same move). On the downside, I would expect buyers on dips at the 1.2460-69 which is the 38.2% to 50% retracement zone (see chart below). In the chart, the price ripped above the channel trendline on it’s way to the top suggesting some good buying. IF the buying is real, this area should find buyers.
