The EURUSD is moving to a new session low after up-and-down volatility through the ECB rate decision and press conference.
What I can say technically, is a swing area between 1.0999 and 1.1006 was holding support until the recent break lower. On the top side the swing area between 1.10355 and 1.10443 stalled the rally post-ECB rate decision. In between sat the near converged 100 and 200 hour moving averages (blue and green lines). Those levels come in at 1.1014 and 1.1018 respectively.
The move to a new session low has taken the price to a new low of 1.0985. The current price trades at 1.0998 on the bounce back toward the swing area resistance. Traders will be watching that swing area up to 1.10068 for clues to the sellers strength. Stay below that area now would keep the sellers firmly in control. Move above and it could be some disappointment on the failed break.
