The EURUSD moved lower in the US session and in the process moved down to test the 50% midpoint of the trading range since the December 2023 high. That level comes in at 1.08695. The current price is at 1.0888.
The bounce off that support target is a key bounce and bullish signal. Going back in time the price has been above and below that 50%, without much respect for it. That is until today.
As a result, it is sending the bullish signal and sets the level as the close stop. Staying above and the price can probe more to the upside. The next key target is 1.0909 to 1.0918.
Get above that level and the 61.8% of the same move lower at 1.0933 would be targeted.
Sellers had a shot to get below the 50% support as session and the new week low. They couldn’t do it. So the buyers now have the control.
This article was written by Greg Michalowski at www.forexlive.com. Source