EURUSD moved lower earlier today, breaking below both yesterday’s low and the early Asia-Pacific session low near the 1.0900 handle, and bottoming at 1.0889. That low also tested the 61.8% retracement of the March 27 to April high move (1.11448), prompting a modest bounce as buyers leaned against the Fibonacci support.

On the topside, today’s high stalled just below the broken 38.2% retracement level at 1.0987, which now acts as resistance. Just beneath that, the 50% midpoint of the recent two-week range sits at 1.0954, creating a nearby resistance zone. A move above 1.0954, and ultimately 1.0987, would shift the bias more in favor of buyers and could trigger short-covering, pushing the pair toward higher levels.

On the downside, the 61.8% level at 1.0889 remains a key support line. A break below it would target the 100-bar moving average on the 4-hour chart at 1.08684, a level that acted as resistance early last week before buyers pushed above. A move back below—and holding below—this level would reinvigorate bearish momentum.

Below that, the next downside targets include the 200-bar MA at 1.07596, and a swing area between 1.07609 and 1.07767. Further weakness would put the spotlight on the 200-day moving average at 1.0735, which previously held as solid support on March 27, making it a critical line in the sand going forward.

🔹 Key levels to watch:

• Resistance: 1.0954 (50% midpoint), 1.0987 (broken 38.2%)

• Support: 1.08684 (100-bar MA, 4H), 1.07609–1.07767 (swing area), 1.0735 (200-day MA)

• Bias: Neutral-to-bearish while below 1.0954; bearish below 1.08684