The EURUSD rallied into the close yesterday and continued the run higher in the Asian session. That early rally took the price above the 100 hour MA and the 38.2% of the move down from the January 6th high (blue line and 38.2% at 1.22144).
However, the price could not sustain the momentum above those technical levels and the buyers turned to sellers in the London morning session (the 100 hour MA became resistance).
The run to the downside moved to retest the swing lows going back to December 22/23 after cracking below another lower area swing area at 1.21719 to 1.21784. The price is trading between those levels now as the North American session traders settle in. So far, the high has stalled at 1.2178.
Buyers took their shot to and through the 100 hour MA and the 38.2%. That shot failed. Now the price is back down near lower extreme levels and finding some stall over the last few hours. However, the levels are defined. Move above 1.21784, should gives buyers some intraday confidence. Move below the 1.2151 to 1.2159 and it is on to test the lows extremes for the week (and going back to December including 1.21285 down to 1.21198 - not shown).