EURUSD trades below the 61.8% of the trading range since 2022 at 1.0200 but bouncing

The EURUSD moved to and through the 61.8% retracement of the range since the 2022 low to the 2023 high. That level came in at the natural support level of 1.0200. Breaking below was more bearish.

The momentum on the break took the price down to 1.01753, but selling dried up and the price for most of the European and US session has been above and below the 1.0200 level. The high corrective price has recently reached a level of 1.02206 which was just short of the January 2 low price of 1.0222.

If the buyers can push above that target level – and stay above that level – it could lead to further upside probing with the swing level at 1.02718 as the next upside target (see red number circles on the chart below).

Conversely, stay below and the sellers are firmly in control with a break below 1.0200 (61.8% still a key barometer for both buyers and sellers

This article was written by Greg Michalowski at www.forexlive.com.