EURUSD tests 50% target for the 2nd time. Can the level give way?

Technical Analysis

Author: Greg Michalowski | eurusd

Buyers testing the key midpoint

In an earlier post, the EURUSD was breaking out of a narrow trading range of about 27 pips at the start of the NY session (see earlier post HERE).  Since then, the price has been able to extend higher and test the 50% midpoint at 1.18459. The price has stalled at the level but is back up testing the midpoint level for a 2nd time. 

Buyers testing the key midpoint
Key level for buyers and sellers.  A break above would have traders looking toward a swing area between 1.1864 and 1.1868.  Above that, and the 200 day MAat 1.1876 would be eyed. The price fell below the 200 day MA back on March 23rd and stayed below that key moving average. The low was reached last week at 1.17035.  

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