The EURUSD trades up to the 38.2% of the move down from the December high, and finds sellers. That level comes in at 1.0864. The high reached 1.0866 and backed off.
The buyers made a play in the pair, but can they get the price above 38.2% and stay above to show they want to take more control from the sellers? If they can’t, we could see the buyers turn to sellers and the price rotate back down to the 200-day MA at 1.08266.
This article was written by Greg Michalowski at www.forexlive.com. Source