The EURUSD pair experienced a stall as it approached the 100-hour moving average and the 38.2% retracement level. Despite moving towards the average, it was unable to surpass it and buyers turned into sellers, causing the price to lower. This drop was significant as it brought the price below a previous support level at 1.05541. The corrective upside was owned by buyers initially, but now there is a more balanced situation between buyers and sellers in the short term. However, for buyers to regain control in the medium term, they need to surpass and maintain levels such as the 100-hour moving average, the 38.2% retracement, and the 1.0606-1.0616 area.
In summary, the EURUSD pair rose towards the 100-hour moving average and the 38.2% retracement level but failed to break through. As a result, sellers gained momentum and pushed the price lower, falling below a previous support level. The current situation shows a more balanced dynamic between buyers and sellers in the short term. However, for buyers to regain control in the medium term, they must successfully surpass and maintain various key levels.
