The EURUSD has moved lower after the better than expected ISM services index and in the process pushed below the 50% midpoint of the 2022 trading range, but fell short of the November highs that came between 1.04806 and 1.0496. The low reached 1.05029 and has bounced.
It would take a move below all those levels to tilt the bias more to the downside with the rising 100 and 200 hour MAs as other support targets. The sellers made a play. They fell short of the needed targets so far.
The topside will now have traders looking to get back above the high from Friday at 1.0544. Above that and the highs for the day will be eyed (high reached 1.05943).
Taking a look at the daily chart below, there is a swing area above between 1.06156 and 1.06402. That is home to swing lows and highs going back to April, May and June (see red numbered circles on the chart below).
