The EURUSD continues to bang against the 50% midpoint of the 2023 training range. That level comes in at 1.07558. The price is also testing a swing area going back to January 9 between 1.0760 and 1.0775 (See red numbered circles on the chart above). Falling below those levels opens the door for further downside potential as the bias shifts more to the sellers.
Conversely, holding the level and bouncing would have traders looking at the 1.0799 – 1.08051 area for resistance. That level corresponds with most recent swing lows from January 20 and January 31. On Friday, the price closed just below that area after stalling against it on the first tests.
The high price in the Asian/early European session today also found sellers against that area. The high price for the day reached 1.0798. 1.0800 seems like a level that traders want to keep a lid on the pair.