The 1.4000 level has been a ceiling yesterday and again today
The EURUSD peaked yesterday at 1.14014. Today the high reached 1.1400 and stalled again. The 1.1400 level is making a nice natural level that traders can lean against. The 61.8% of the move down from the November 19 high is around the area at 1.13933.
The move lower has taken the price down toward the 200 hour MA (green line in the chart above). The market has been trading above and below that MA over the last 3 days. I can not say that it has been a strong level of support or resistance as the market waffles at the week’s high area, but it can be a barometer for the bulls and the bears. On more weakness, the 100 hour MA at 1.13414 will be eyed. Sellers have an edge today after the peak at 1.1400 stalled at the top.
The range for the EURUSD is a modest 43 pips. The 22 day average is 81 pips. So vs the average the range is just 53%. There is room to roam on a new extension (38 pips to the average). The sellers are making the biggest play today.