EURUSD bounces off swing area support and moves to a 50% retracement area.

Summary of the video outlining the tech

• 📈 Swing Area Support and Buyer ConfidenceThe EUR/USD bounced off a critical swing area support, marked by previous highs and lows, signaling strong buyer interest. That area comes between 1.0332 to 1.0343.

• 📊 50% Retracement Area in FocusThe pair extended higher reached a 50% retracement of its recent downtrend, coinciding with both hourly and daily charts, adding significance to this technical level. Those levels come at 1.04028 and 1.04053.

• 🛑 Resistance and Seller StrengthSellers displayed resistance near 1.04028-1.04053, causing a price pause and possible reversal opportunities.

• 🔎 Key Observations for TradersBuyers should monitor if the price area holds above 50% retracement for a bullish continuation, while sellers can capitalize on resistance at current levels.

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