Swing area between 1.1580 to 1.1586
The EURUSD tumbled on Friday falling from a high of 1.1689 to 1.1544 before rebounding modestly into the close (145 pips).
Today after a modest step in the Asian session, the price has rebounded higher in the London/European session. The price is approaching a swing area between 1.1580 and 1.1586 (see red numbered circles). The price from Tuesday to Thursday, found support in that area again, but on Friday, the priced slashed through the area without much problem. The high price today has reached 1.15776 so far today. A move above, would take a little of the bearishness out of the market. The 38.2% of the move down from last week's high comes in at 1.15946 and getting above that level would be a further step in the bullish direction.
