Forex technical analysis: EURUSD trades to weeks midpoint and stalls
200 bar MA on the 4-hour chart
The EURUSD traded to a high of 1.0737 today. That represented the 50% of the move down from the March high. On Wednesday, that level held. Yesterday, the 61.8% of retracement held at 1.07777 (a couple times actually). Today, the 50% is back to being the ceiling. It worked for seller.
Drilling to the action this week on the hourly chart below, the fall today, reached the 200 bar MA on the 4-hour chart AND the 50% of the move up from the Monday low at 1.0601. That level comes in at 1.0689. So from a different direction, a Fibonacci retracement holds support.
Of course this pair carries a lot of weekend risk as a result of the French election and aftermath of it. So I expect traders to trade levels they can lean against. Good resistance at the 50% above. Good support at the 50% (from a different angle) below.