The EURUSD has stretched the decline below the 100 hour MA now (blue line in the chart below). Back on Monday, the pair moved below that moving average line but found support buyers near its 200 hour moving average and bounced.
The 200 hour MA is still a ways away at 1.1600. Before then there is a trend line at 1.1618, the swing low from yesterday at 1.1616 and the swing low from Tuesday at 1.16067.
In the sellers favor, is that the high reached this week stalled ahead of the 38.2% of the move down from the September high at 1.16705. Putting it another way, the buyers could not reach the minimum retracement target. That is not good for the buyers.
Also, looking at the daily chart, the high prices this week stalled near the swing lows from August 10 at 1.1664 area (the high reached 1.1670). That is also not that great for the buyers.
Sellers making a play. Can they keep the price action moving to the downside and through the target levels?