50% retracement of the April range is the ceiling. The low today took out the low from yesterday, but that break failed
The EURUSD is mired in an up and down range over the last 24 or so hours.
The high from the Asian session today stalled right at the 50% retracement of the April 2020 range at 1.08782. The downside today did reach a new low for the week at 1.0811 – taking out the low from yesterday at 1.0816. However, the break failed and we are now seeing the bounce back toward the earlier high (and 50%). Get above, and traders will be eyeing the converging 200 and 100 hour MAs at 1.0904-07 area (green and blue lines).
For the week, the price high on Wednesday stalled near a topside trend line. The buyers turned to sellers. When the 100 hour MA and trend line were broken on Wednesday (and retested), the sellers kept the bias and the price probed lower on Thursday.
Now with the price mired in the ups and downs, we will see if the price can make a break for it.
PS As I finish up, the price is now testing the 50% and high for the day.