EURUSD Technical Update: Sellers lean into 61.8% resistance as downside pressure builds

The EURUSD rally stalled just ahead of the 61.8% retracement level at 1.13781, with the high price reaching 1.1375 before rotating lower. Sellers stepped in at this key technical level, and the pair has since dipped back below the 100-hour moving average at 1.13451—a line that had previously supported the bullish bias (or at least stalled the selling). There have been breaks earlier today, but the selling stalled quickly. Can the sellers keep the momentum going now..

The renewed move lower opens the door for further downside if momentum builds. The next key support comes in at the 50.0% retracement level at 1.13183. A break below that level would tilt the bias more clearly in favor of sellers, with deeper support levels eyed near the 1.1287 area and the 38.2% retracement at 1.12657.

Key Levels:

• Resistance: 1.13781 (61.8% retracement), 1.14027

• Support: 1.1345 (100-hour MA), 1.13183 (50% retracement), 1.1287 (200-hour MA)

Traders will be watching to see if sellers can maintain pressure and push through the mid-level retracement zone.