The EURUSD moved down to test the lows for 2022 between 0.9899 and 0.9913. The low reached 0.99102 and has seen a bounce back higher. The current price trades at 0.9932.
Close resistance remains at the swing low from July 14 at 0.99515. Stay below keeps the bears in control.
The buyers are in play and have defined risk against the low for the year. However they will need a further moved to the upside to give them more confidence. In addition to getting above 0.99515, the price needs to get back above the 200 and 100 hour moving averages at 0.992 and 1.0013 respectively.
However admittedly, the pairs technicals have been fairly consistent and predictable. Yesterday the high price stalled right at the targeted level at the 38.2% retracement at 1.00782. Today the low has stalled right at the targeted area between 0.9899 and 0.9913.