38.2% retracement 1.18148. The 100 hour moving average 1.18159
The EURUSD has now erased most of the gains after the CPI data. The one to the upside took the price back above its 200 hour moving average at 1.1840, but momentum could not be sustained as markets started to reverse (stocks gave up their gains).
The buyers turned back to sellers on the reversal, and the price is now down testing the 38.2% retracement of the range since August 20 at 1.18148 and the 100 hour moving average 1.18159.
Move below and traders will be looking toward the low for the day near the lower swing area at 1.1800 to 1.18044.
