EURUSD bounces off a support target zone
EURUSD’s decline today wasn’t over until it reached a swing zone between 1.0722 and 107314. At this level, buyers dipped a toe in the water and pushed slightly the price on the rise. The current price is trading at 1.0742.
Looking at the 4-hour chart, this swing zone was home to different swing highs and lows going back to November 2023 (see the red numbered circles). At the top, watch for 1.07605. On any move above this level, the midpoint of 50% upside from the early October 2023 low lies at 1.07946. This is also in an oscillating zone between this level and 1.08036.
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