The level was a high from last Wednesday….
The EURUSD is finding a floor near what was a swing high from last Wednesday at 1.17416. On Monday and again today, the price has traded above and below that level (see red numbered circles two through 6), but over the last five hourly bars, the lows have stalled right at that level. A floor is being developed.
The pair still has the 38.2% retracement at 1.17569 to get to and through. Earlier today, the price did move above that retracement level, but backed off. If the pair is to start to trade more bullishly, getting and staying above the 38.2% retracement will be eyed.