Sellers lean against the levels
The sellers leaned against the dual technical levels, and the price has retraced back toward the 100 hour moving average.
The range for the day is up to 52 pips which is near the average over the last 22 days of 57 pips (about a month of trading). The limit may have been reached as London/European traders look for the exits. I would not be surprised to see more sellers against the 1.1802 area (with stops on a break above).
PS. The S&P and NASDAQ index are trading at highs as London traders exit. The S&P is up 30 points or 0.70% at 4353.20. The NASDAQ is up 83 points or 0.57% at 14581.90. The Dow is 271.4 points or 0.79% at 34783.39, and just off the high for the day at 34798.39.
PSS. 10 and 30 year yields are up 7.6 basis point and trade just off the highs for the day. The U.S. Treasury will auction off 20 year bonds at 1 PM ET.
PSS. The CAD is the runaway strongest of the major currencies today. The JPY the weakest. The USD has moved from being one of the strongest of the major currencies at the start of the NY trading day (behind the NZD), to one of the weakest as London traders exit (see ranking at the start of the North American session by CLICKING HERE).