The 1.1661-68 stalls the rally. The 200 hour MA stalls the fall.

From the wrap yesterday:

"The EURUSD moved up toward the key 1.1661 resistance target as stocks tumbled. That was the swing low from August 2017 and the 38.2% of the move down from the October 26th swing high. The EURUSD price stalled at 1.1654 - 7 pips ahead of that dual resistance target. We currently trade back down at 1.1641. The 1.1661 and 1.1668 (swing low from October 6th) remain key topside resistance in the new trading day. On the downside, the price in the NY morning session based against the 200 hour MA at 1.1621. That will be a level to get below if the bears are to take more control."

This is what the price action looks like today:

The price fall stalled and based against the 200 hour MA at 1.16217. That level was a base level in trading yesterday too.

The subsequent rally took the price to the 38.2% and the swing low level from August at 1.1661 (the 1.1668 was the swing low from October 6th). That level held the topside.

So we sit in the narrow range outlined in the wrap at 1.1644 (not far from the closing level yesterday).

I guess I should now say, "The second verse, is same as the first".

Traders are still looking for that next step for the pair....continue the move higher from the lows this week, OR stall and head back lower.

Of course remembering the head and shoulder from the daily chart, we are now nearly 2 weeks since the break below the neckline. Honestly, the momentum lower has been limited, but it remains alive. A move back above that neckline would not be good for the sellers. We should see sellers giving up, stops triggered, and a move toward the 100 day MA at 1.1726. Be aware.