Forex technical analysis: EURUSD stalls fall near prior swing low level

Lows from Jan 26 and Jan 27 stall the fall

The EURUSD has trended lower in trading today. However, like the GBPUSD, the pair has reached a support area and has stalled the fall over the the last 6 or so hours. That support comes in at the 1.0656 level. The swing lows from Jan 26th (at 1.06569) and Jan 27th (at 1.06576) come in at that level. The low in trading today reached 1.06554. Close enough.

Drilling down to the  5-minute chart, the 100 bar MA has caught up to the price and the pair has been stalling near the MA line. The 50% of the last trend leg lower (started near the 100 bar MA on the 4-hour chart - see chart below) comes in at 1.06844. The high correction price peaked just above that level but came back off.

So sellers are staying in control, but a break below that floor at 1.0656 is a needed hurdle to get to and through (buyers are leaning against the level).  Stay below 100 bar MA/38.2% on the 5-minute at 1.0675 is the best case for the sellers. Stay below 1.06844 (50%) is still ok for sellers. A move back above that level, muddies the "trend lower" water though.