The EURUSD sellers have extended the range to the downside, but after extending below support near the 50% midpoint of the move down from the December hide to the February low at 1.09165, sellers did not keep the momentum going and the price modestly bounced back higher into a swing area between 1.0924 and 1.0932.
Admittedly, the price action is very narrow but the traders will still be looking for little clues on the nuances of the technical levels. Breaking back below the 50% retracement should open the downside for additional probing. Conversely a move above 1.09322, should give the dip buyers against the 50% retracement some added confidence.
This article was written by Greg Michalowski at www.forexlive.com. Source