The 1.1601 to 1.1611 area was swing lows in September and November 2020
The EURUSD is rebounding to the upside and trading at session highs. In the process the pair is testing the old floor from September and November 2020. That floor comes in between 1.1601 and 1.16116 (see green numbered circles in the chart below).
The high price just reached 1.16065. The high price yesterday also stalled within that area at 1.16095. A move above the swing area should solicit more buying. Stay below and the bears remain in control.
Drilling down to the hourly chart, the pair has been down for five consecutive days. The close yesterday came in at 1.15762. Needless to say the price is higher today snapping the five date decline.
The 100 hour moving average was broken on Monday and has remained below that moving average since that time. The moving average is currently at 39. The 38.2% retracement of the move down from the September 22 corrective high is near that level at 1.16356. Those levels would be targeted if the pair can extend above the 1.16116 high swing area.