Sellers lean against the levels
The EURUSD took the next step above the 100 hour moving average 1.17931 and moved up to test the high prices from yesterday's trade (and a swing high from Monday) at 1.18019. Also near that level was a Dow it's open trendline just above that level.
The sellers leaned against the dual technical levels, and the price has retraced back toward the 100 hour moving average.
The range for the day is up to 52 pips which is near the average over the last 22 days of 57 pips (about a month of trading). The limit may have been reached as London/European traders look for the exits. I would not be surprised to see more sellers against the 1.1802 area (with stops on a break above).