The 100 hour MA stalled the rally in the Asian session
The EURUSD is using the 100/200 hour MAs as resistance and support today. In the Asian session, the price moved up to test the 100 hour MA. When buyers could not lift the price above that level, the sellers leaned. The buyers turned to sellers and the price fell.
The fall took the price down to test the 200 hour MA at 1.1756 (the low reached 1.17532). Also near the MA is the 50% retracement. Both those technical tools when they line up tend to give traders a cause for pause. So far they have but the corrective move has also been modest. The level should be a barometer for buyers and sellers now.
If the price is to bounce, getting above the low from yesterday at 1.1779 is step one. After that the 1.17846 to 1.17904 level will be the next target followed by 1.1800 area.