Initial bounce off of the level
The EURUSD has made a quick run to the downside after the pair broke below a swing area between 1.2143 and 1.21496. The pair moved down to test the next key target at the 100 hour moving average at 1.21310. Buyers leaned against the level and have pushed the price back toward the swing area. There should be resistance sellers against the 1.21435 to 1.21496 area now, if the sellers are to remain in control (with stops on a move above).
The range for the EURUSD is now up to 44 pips. That is still shy of the 64 pip average seen over the last 22 days of trading (about a month). So there is room to roam. The sellers are making the play for more control, but they still need to get back below the 100 hour moving average. Below that and traders will be looking toward the 38.2% retracement at 1.21195 and the 200 hour moving average at 1.21165.