Multiple failures above 1.12 tell on EUR/USD

Looking at the daily chart of the EUR/USD we can see that over the past 5 weeks it has stalled above 1.12 as many times. The first came back on August 23 and the latest was just this Monday, when it came close to setting a new 2024 high above 1.1214. Well, in the event as I am sure you know, it stalled at 1.1209 on Monday. The subsequent move lower gathered pace yesterday, when it fell below is 21 day moving average, at 1.1105. That break later saw it drop to a low at 1.1046. The EUR/USD closed last night at 1.1168. As noted here yesterday, the root of this relapse lies in the comments from the Fed boss countering a rapid course of Fed easing, whilst the prospect of the opposite coming from the ECB has undermined further traction for the Euro. The events that unfolded yesterday merely added to that. The 21 day moving average remains unchanged, at 1.1105 and the first support is at 1.1040 (a level that held firm yesterday). That is right now where the 50 day moving average resides. To be honest right now, the risks look like they remain on the downside. The EUR/USD is right now on session lows, at 1.1058