Watch the 1.05155 level in the EURUSD
Keep an eye on the 1.05155 level in the EURUSD. That level represents the 50% midpoint of the 2022 trading range for the pair. Earlier this week, the price moved down to test that level and found support buyers. A move below should lead to further selling momentum. Moving below the swing highs from November down to 1.047981 would help to confirm the downside tilt. The 50% level often acts as a pivot for bullish/bearish bias purposes. As a result, it is one of those technical levels that should be eyed and followed for clues. If broken, traders will be looking for momentum in the direction of the break.Conversely, hold and there could be a rebound like was seen on Tuesday. This article was written by Greg Michalowski at www.forexlive.com.
Keep an eye on the 1.05155 level in the EURUSD.
That level represents the 50% midpoint of the 2022 trading range for the pair.
Earlier this week, the price moved down to test that level and found support buyers. A move below should lead to further selling momentum. Moving below the swing highs from November down to 1.047981 would help to confirm the downside tilt.
The 50% level often acts as a pivot for bullish/bearish bias purposes. As a result, it is one of those technical levels that should be eyed and followed for clues. If broken, traders will be looking for momentum in the direction of the break.
Conversely, hold and there could be a rebound like was seen on Tuesday.
This article was written by Greg Michalowski at www.forexlive.com.
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