The EURUSD cracked below a trend line on the hourly chart yesterday near 1.1318 on it's way to the lowest level since January 10th. The low price reached 1.1300 in the Asian session today - a nice round, natural level to find support buyers.
The price moved higher and after moving back above the broken trend line, the sellers turned to buyers. The buyers started to lean against the level and push higher, albeit in a choppy up and down action.
The price has now moved up to 1.1351 which is home to the 50% midpoint of the range since the December 15 swing low. Just above that level sits the falling 100 hour moving average at 1.13538. Get above that level - and stay above - and the high from yesterday at 1.13682 will be targeted. Above that, the sideways moving 200 hour moving average at 1.13845 will be eyed.
Stay below the dual technical levels, and the downward trend from Monday's high remains in place with the sellers in firm control.