EURUSD looks to test the 61.8% retracement or the move up from the end of May low

The EURUSD is moving to a new session low and in the process is looking to test that 61.8% retracement of the move up from the May 31 low. The low comes in at 1.08801.

On Monday, the price moved below that retracement level to a low for the day of 1.0870. However, the price quickly rebounded and a rotation back higher started.

Yesterday the high price stalled just ahead of the 50% midpoint of the same move higher at 1.0955 (the high price reached 1.09517).

A move below the 61.8% retracement should increase the bearish bias with a break of Monday’s low helping to confirm the selling. On a break of those levels, traders would target a swing area between 1.0833 and 1.08485.

This article was written by Greg Michalowski at Source