The run up to the 1.2775 level stalled and the price rotated back down
In an earlier post, I argue that the sellers had the shot when they took the price below the 100 and 200 day moving averages at the 1.2722 area. In the post I also outlined the 1.27614 to 1.27754 area as a key target to get through if the buyers were to take back more control.
The 100 and 200 day MAs did indeed hold support on the retest in the NA session and the 1.27754 level held resistance (the high reached 1.2776 - close enough).
The price has now rotated back toward the key 100 and 200 day MA AGAIN. The same rule applies - fall below and the bears take back more control. Stay above and we could start to see more dip buyers again against the MA level.
So far, the sellers still had there shot below the 100/200 day MA, but I can also say, the buyers had their shot in getting above the next key targets. They failed too. So the battle is on and the "market" is looking for the next shove.
