The EURUSD is mired in a 46 pip trading range. That is 62% of the 75 pips average over that last 22 trading days. Narrow range.
The buyers tried to push the price away from the 100 day MA at 1.1425 after earlier dips back below the MA level. They could not keep the momentum going.
The price has rotated back to the downside and moved back below the 100 day MA at 1.1425. The buyers have had their shot. Is it the sellers turn?
The low for the day and the low from Friday come in at 1.1410 to 1.1414. Getting below that area would give the sellers more comfort.
Move below, and I would expect more downside toward 1.1400 where the 38.2% is located. Break that, and there is should be additional downside probing.
It's a step by step thing. Afterall the buyers since July 28 rocketed the pair higher and retraced the entire move down from the Jan 14 high. Yes, the price rise has seen a stall over the last two days, but the downside is still limited. As a result, if you sell, you need confirmation. Those targets give more confidence, but they need to be broken.