Technically, the initial moved to the downside stalled near the top of a swing area going back to June 16 at the 1.3520 level. The bottom of that swing area comes in around the 1.3504 level (See yellow area and red numbered circles) .
On the topside, the price stalled just ahead of a downward sloping trendline connecting highs from June 30 and July 2. That trend line currently comes in at 1.3556 (and moving lower). A move above that trend line would have traders looking toward the falling 100 hour moving average and broken 61.8% retracement at 1.3571 -1.35728 area.
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