EURUSD rose sharply after the US jobs report, and in the process extended above the 50% midpoint of the move down from the March high and also the 200-day moving average (at 1.0797 currently). The price extended above those levels and the top of the swing zone up to 1.08036. But I failed.
The subsequent decline took the prize back to test its 200-bar moving average on the 4-hour chart. This level comes at 1.07528. The 38.2% retracement of the downward move comes from the March high of 1.07458. This area is now gaining support.
So, with the ups and downs in the EURUSD price today, what we have identified is upside resistance between 1.0790 and 1.08036, and downside support between 1.07458 and 1.07528.
I expect buyers to rely on the lower support level when testing with stops below this level. Until there is a breakout on the upside, I expect sellers between 1.0790 and 1.08036.
What are the key levels in EURUSD after the up/down move