The EURUSD sellers pushed the pair below the 50% midpoint of the move up from the May low at 1.14919 yesterday. Although the price briefly moved back above that level during the Asian session (reaching 1.1497), the break was short-lived.

The challenge today is that downside momentum has faded—the low reached just 1.1468, leaving the range relatively tight. Even so, sellers remain in control, while buyers have yet to show much conviction.

That could change if the pair reclaims the 50% level with momentum, opening the door toward 1.1529 and then 1.1546. However, failing to do so would shift focus back to the support zone between 1.1447 and 1.1458. A break below that area could have traders eyeing a deeper move toward the 200-day moving average near 1.1388—a potential target before week’s end if bearish momentum builds.