200 bar MA on the 4-hour chart/Swing low from Thursday
Keep an eye on the 1.1267 area (approaching now). The 200 bar MA on the 4-hour chart is at the level. It also was the swing low from Thursday's trading last week (see chart below). Earlier the price corrected to the level and stalled.
So traders seem to be leaning against the level (at least they did on the first look). If the price can stay below (sellers against it), the corrective buying may slow, and we should see a move back down.
Is there clear sailing to the downside? Well, the 1.1220 is a level is the 38.2% of the move up from the March 2nd low. The price on Friday closed at that level. Today on the opening the price opened below that level but quickly rebounded (the price was back above the level on the 2nd 5 minute bar today). So if there a push lower that level will be in play this week.
The closest trading borderline is the topside one now (at the 1.1267 level). Traders looking to short can lean (and are leaning) against the level. I would expect stops on a break above though. If the price does rotate lower, the 1.1240 is the midpoint of the day's range).