Below the 38.2% of the move up from November
The EURUSD is testing the mid-January low at the 1.2164 level as the market prepares for Powell at 10 AM ET. The low today reached 1.2163 so far. Also in the area is the 38.2% of the move up from the November swing low at 1.1552. The high reached a few weeks ago, reached 1.2555. That is a 1000 point run.
The area is a barometer for bulls and bears today. Move below and from the daily chart, the next target comes in at 1.2088-92. The swing high from September 2017 stalled at 1.2092. The swing high from early January stalled at 1.2088, before later breaking on January 12th.
Drilling to the 4-hour chart below, the pairs lows not only tests the mid-January low but also a lower trend line. We know it is a key level at the 1.2164. On a break, the 50% at 1.21358, and then the 1.2080-88 swing highs from early January will be eyed.
On the topside, the 1.2202-11 is a key level to get back above if the buyers are to take more control. The high today reached 1.2212, but quickly turned away. A break above is needed to give buyers more comfort.
