The EURUSD currency pair experienced a stall in its upward movement as it approached the 100-hour moving average and the 38.2% retracement level from its previous high. Buyers attempted to push the price above the moving average but were unable to do so, leading to a shift in momentum towards sellers. The price has now dropped below a significant support level at 1.05541, indicating a more balanced market in the short term.
In the medium term, buyers face several challenges to establish control. They need to not only surpass and maintain above the 100-hour moving average, but also the 38.2% retracement level and the range between 1.0606 and 1.0616. These milestones are crucial for buyers to gain more influence in the market.
Overall, the article highlights the struggle between buyers and sellers in the EURUSD currency pair. While buyers initially showed strength, they were unable to overcome key resistance levels, leading to a shift in momentum towards sellers. The article emphasizes the need for buyers to prove their control by surpassing various hurdles in the medium term.