Forex Trading: EURUSD testing 50% retracement level

The 1.5651 level is the 50% retracement level of the move from the high on April 22nd and the low on May 8th.  The market moved above the level earlier off the PPI number but has backed below the level after Kohns positive comments gave a bid to the US dollar. 

The level is also the 100 bar moving average on the 4 hour chart.