The high for the NY session stalled ahead of 1.0706 again.

The early London high stalled ahead of the 1.0706 level. Remember that level corresponds with the 38.2% retracement of the move down from the Election Day high (in November).

The NY session high moved up to 1.07025. Like the London session, it too peaked just ahead of that resistance level at the 1.0706 level.

The move back down has the pair looking to retest the 38.2% of the move up from Monday's low at 1.0665. Trend line support is not far away at 1.0660. The 50% and 100 hour MA at 1.06487 and 1.06447 respectively are also targets.

The range for the day is still narrow vs. the 22-day average (59 pips vs 94). So shorts may not be so quick to stick a profit taking bid in the market. Another positive for shorts is the the holding below that 1.0706 level for the 2nd time.

Nevertheless even on a move to new lows, I would expect 1.0644-48 would be a tough nut to crack today at least.