Failing at extremes today
If I were to define key break points today it would be below the 1.1289 level. That was a double bottom from yesterday and ealier today, and a break below would lead to more downside momentum.
On the topside, I would have said a break back above the 1.12315-175 area would lead to more upside momentum. That area was home to a number of swing levels going back to Feb 19th (see red numbered circles).
In reality, each of those extremes were broken today and each failed. The EURUSD is behaving badly. It is not doing what it is supposed to do.
That can be frustrating for traders. No one likes breaks of levels that should solicit moves , but it happens.
It also says, traders are not all that sure of the next move and suggests take a break until the picture is clearer.