100 hour MA is key. EURGBP helps the selling.
The EURUSD is running out of steam -kinda like yesterday — and in the process, the pair is moving toward the NY session low (at 1.1758). Below that, the rising 100 hour MA is catching up to the price at 1.17439. Earlier today, that MA was tested twice and each time the fall stalled.
The buying in the early hours of the session stalled. The momentum could not be sustained. The buyers turn to sellers.
PS Also helping to slow the grind has been a fall in the EURGBP. Looking at that chart, the price just moved below a swing area at 0.8935-392. It’s 100 hour MA is also being approached at 0.89257.