The 1.18645 is being tested for the 5th time
The EURCHF is back down retesting a level that was broken earlier today and failed at 1.18645. Over the last 4 or so weeks on the 4-hour chart above, that level was tested 4 separate times.
As mentioned, today it was broken but failed. Do we break now or bounce? That is what traders will be eyeing now.
If there is a break, the pair can work it's way toward the 38.2% of the move up from the February 8th low (not shown but that was the last week low at 1.1445). That retracement comes in at 1.17909. The 1.18000 level was a swing high from the end of March and early April.
On a bounce, the 200 hour MA (green line) at 1.1897 will be eyed.
