Below the 61.8% retracement
The EURUSD has dipped to a new session low and in the process has moved below the 61.8% retracement of the choppy trading since the December 21 low. That level comes in at 1.22127. The price has stayed below since breaking.
Earlier today, the 100 hour MA stalled the rally not just once but twice. The inability to get above that MA was an invitation to sell and that is what we have seen.
Sellers are in more control. For sellers looking for more downside, risk would be to stay below the 50% midpoint now. On the downside, the 1.21718-77 is the next target, followed by 1.2152-59 and the low from December 20 at 1.21285.