EURUSD makes draw back progress but it surely wants one other shove

I have been speaking loud about the 1.1271 – 1.1275 area in the EURUSD as a key level for the buyers and sellers (see post here).

The level corresponds with the swing high from 2023, and the 61.8% retracement of the move down from the 2020 high to the 2022 low (not shown).

Move below that area and the bias shifts more in favor of the sellers. Stay above and the buyers remain more in control.

The price has move below that level to a low price of 1.12651. However, there has still been some stall. The reason is the low price from April 15 also bottomed at that area. The 38.2% retracement of the move up from the March 27 low comes in at 1.12505.

For sellers, the hope is that the bounce off of the low price from April 15 is modest and the momentum to the downside continues to and through 1.1265 and then 1.1250.

For the dip buyers, they would want to see price back above 1.13072 which were swing low levels from April 23. Above that 1.13287 would need to be breached.

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