The clock is ticking toward the close of the day, and the start of the new trading panel day. Tomorrow, is US non-farm payroll day and the EURUSD traders, are setting up for that event. More specifically, the pair is trading near its 50% retracement level on both the daily and hourly charts. Technically speaking the 50% midpoint is often a key barometer for buyers and sellers and also a more neutral level in the battle between the bulls and the bears.
- Looking at the daily chart, the 50% midpoint of the trading range since the 2020 high to the 2022 low comes in at 1.0942
- Looking at the hourly chart, the 50% midpoint of the trading range since the December low comes in at 1.0931.
The current price is trading at 1.0944 and has been trading above and below each of those 50% retracement levels over the last few days.
Technically, those levels will be the barometers for the next move.
- Stay above the 1.0931-42 is more bullish
- Move below the 1.0931 level is more bearish.
For a full review of the technicals and the “whys” watch the video above.