The EURUSD trended higher in the US session yesterday and in the process, extended above the 100 and 200 hour moving averages, the 61.8% retracement of the range from November 30, and the swing highs from Friday (at 1.13332) Thursday (at 1.13469) of last week. The pair did fall short of the Wednesday high at 1.1359. The high price for the day reached 1.13543.
Today those buyers have turned into sellers and taken the price back below those old swing highs and the 61.8% retracement. The pair is reapproaching the 200 hour moving average at 1.1303 just above that level is the 50% midpoint of the range since November 30 at 1.13044. Below each of those levels is the 100 hour moving average of 1.12951.
Those moving averages should provide some cause for pause. The low price just reached 1.13063 just ahead of those levels. Risk can be defined and limited against the levels.
However, if the price should move below, the sellers would assume more control once again.
On the topside keep in on the 61.8% retracement 1.13228. On the move below today, sellers start to line up against that level before the last run toward the 200 hour MA. A move back above that level, may entice more intraday buyers once again.