The EURUSD is looking to snap a three day streak of declining prices. The pair is higher in trading near the high for the day, but in a narrow range of 32 pips. That is half of the 64 pip average over the last 22 trading days (around a month of trading).
Looking at the hourly chart, the pair found support toward the end of trading yesterday near the swing low from last Tuesday at 1.13126. The price also stalled just ahead of a rising trend line near that level.
Recall also from yesterday that the price reentered the non-trending up and down trading range that confined the pair from mid-November until the break higher on Wednesday. Getting above 1.13857 last Wednesday open the door for the run to 1.1482. However the move back below that level yesterday spoiled the break-out, and turned buyers back into sellers.
Taking a closer look at the hourly chart below, the move lower over the last three trading days, has seen the price move not only into the "red box" that confined the pair since mid-November, but also below the 61.8% of the 2022 trading range (January range). That level comes in at 1.13525 and is the next upside target to get to and through if the buyers are to continue the corrective move higher after the 3 day decline.
Above that, and the swing area between 1.1359 and 1.1368 will be targeted ahead of the 50% midpoint at 1.1377 and the high of the up and down consolidation "red box" area at 1.13857.
Hold below the 61.8% retracement and the sellers remain in more control with the trendline and low from yesterday and last Tuesday as support at 1.13126.
