Pair failed above 50% retracement
The EURUSD is finding some afternoon selling and trades to a NY session low. The previous low was at 1.18628. The price has moved to a new NY session low at 1.1859. Moreover, the price has moved below an old swing area at 1.18647.
The pair today did reach and surpass the 50% of the move down from the September 1 high at 1.18811. However, the momentum faded ahead of a downward sloping trend line and the last 5 or so hours has seen the slow drip back down. The pair is still up on the day, but some of the bullish mojo has been eroded.
Looking at the 5 minute chart below, the price has moved now to test the 200 bar MA (currently at 1.18612) on that chart AND the 50% of the move range today (at 1.18593). Earlier, the price moved below the 100 bar MA (and stayed below this time). With the price at the 50%, of the days range and near the 200 bar MA, traders have a decision to make and they are stalling a bit. Buyers here, want to see the price move back toward the 100 bar MA. They may not be so anxious if the sellers are able to push more below the 1.1859 level. Key level intraday for both the buyers and the sellers.