The 1.1359 to 1.13684 swing area was broken on Friday on the Russian/Ukraine war fears (see red numbered circles). That level held support earlier in the day on Friday (see post here). I warned in that post that the Russian/Ukraine news was still a potential news item that could lead to a break lower. That happened. The price tumbled below the area.
In the Asian session today, the EURUSD rebounded but when it tested the aforementioned swing area, the sellers leaned (the high reached 1.13685) and backed off. The price low reached to and through the 50% midpoint of the 2022 trading range at 1.13075, and tested the natural support at 1.1300 (that was the low price actually for the day on the bid side).
The price has gotten a bit of a boost after the Lavrov comments. The 50% is now close intraday support.
With the 1.3592 1.13684 area holding resistance and being a key swing area for the year, that remains the topside resistance barometer. Stay below keeps the sellers more in control. Move above and the bearishness seen since the high on Thursday would lose its luster.
