EURUSD continues to retrace the low extreme off Powell comments
What a day in the EURUSD.
First, the pair moved higher and tested the high extreme seen going back to going back to November 15.
Then the pair tumbled on the back of the Fed Chair comments. That move lower reached down to an old floor, turned ceiling, and back to floor again today near 1.12283 (the low reached 1.1233).
The last 5 hours has now seen the price climb back above the broken 100/200 hour MAs (blue and green lines), a swing area at 1.12876 to 1.12942 and now to another swing area at 1.13215 to 1.13315. The upper end of that swing level is being tested now.
A break above would have traders looking back toward the high extreme area since November 15 between 1.13735 and 1.13852.
If you blurred your eyes most of the price action since mid month is between 1.1228 and 1.13852, with a lower extreme over about 2 days down to 1.1185.
We are in another of the "red boxes" with swing levels between (yellow areas). Testing a swing level now. Hold and watch the yellow areas below. Move above, and the high swing area (38.2%) is the next target.
