The EURUSD has extended to a new session low and is now testing a familiar technical area between 1.07609 and 1.07767 — a swing zone initially carved out in October and November (see red numbered circles on the chart) and retested on March 6 before moving to the high from last week. This area has acted as a pivot in the past and is once again proving to be a key battleground.

A break below this zone would increase downside momentum, shifting focus to the 200-day moving average and the 38.2% Fibonacci retracement of the rally from the February low — both converging near 1.0727. That dual level stands out as a critical line in the sand for both buyers and sellers. A break below would open the door for more downside probing.

If the swing area does hold support HERE, the 100 hour MA at 1.0817 is at the 61.8% of the move down from the September 2024 high. The price would need to get above that level to give the buyers more control.

Traders will be watching price behavior closely in this zone for directional clues. A bounce could signal buyer interest, while a clean break may reinforce bearish control into the US session.