EURCHF tests support level the failed earlier.

The 1.18645 is being tested for the 5th time

The EURCHF is back down retesting a level that was broken earlier today and failed at 1.18645. Over the last 4 or so weeks on the 4-hour chart above, that level was tested 4 separate times. 

As mentioned, today it was broken but failed. Do we break now or bounce? That is what traders will be eyeing now.

If there is a break, the pair can work it’s way toward the 38.2% of the move up from the February 8th low (not shown but that was the last week low at 1.1445).  That retracement comes in at 1.17909.  The 1.18000 level was a swing high from the end of March and early April.  

On a bounce, the 200 hour MA (green line) at 1.1897 will be eyed.  

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