The EURUSD moved back above its 100 hour moving average early in the North American session and has for the most part been able to stay above that level. The pair had found some overhead resistance near the 1.1750 area (a swing area between 1.1748 to 1.17551). Also in play is the falling 200 hour moving average 1.17595.
Looking at the daily chart, the swing lows from the month of July also are in play at 1.17512. That increases the levels importance.
As pointed out yesterday, the range for the EURUSD in 2021 is only 682 pips. The low was in August at 1.16634. The pair reached a low at 1.16827 today. If the range is to extended in 2021, the best chance is still lower.
IF this resistance area on the hourly chart can hold the rally in check HERE, we could see a rotation back to the downside for a retest of the low, with the hope for a break and run.
Conversely, move above the 200 hour MA and the sellers are not taking control. They instead are losing more control to the buyers with the 38.2% retracement of the September range at 1.17690 the next upside target.