Pair traded to the lowest level since November 2020
The EURUSD fell below its end of March/August 11 lows between 1.17035 and 1.17053 yesterday on two separate occasions (Asian and before the FOMC minutes), but failed on each break. The price closed above that low area.
However, in the Asian session the price started to move back below the levels and in the process traded to the lowest level since November 2020 at 1.16648 before starting a rebound over the last 10 or so trading hours.
The price high just reached a London session peak of 1.17036 (on my chart at least). That took the price right back to the old swing lows from March and earlier this month. Traders leaned on the first look.
Technically, if the price can remain below those old low, it is keeps the bears happy and in control A move above, and the break is the 3rd failed break in the past two days and should lead to disappointment buying by the sellers (and new dip buying).