EURUSD moves toward next target

Technical Analysis

Author: Greg Michalowski | usdjpy

The 61.8% retracement is being approached

The EURUSD has moved toward the next downside target at 1.10298 (see earlier post HERE). That is home to the 61.8% of the move up from last week's lows. Also near the level is the swing high from November 15. That level was broken on that day and the pair ultimately raced higher.  

Does the market take a breathe at the level? I would not be surprised with cautious stops on a break.  

EURUSD is approaching support at the 61.8% retracement
PS the range for the week has moved from 51 pips before the day to 66 pips.  That is still tiny relatively, but in comparison to 51 pips it is 29% improvement. 
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