The area of prices around 1.1500 has put a lot of SELLING pressure on the previous move up towards it.
Shortly after that, the price of the EUR/USD pair went down to 1.0850, 1.0400, 1.0000, and most recently 0.9600.
The market has been under pressure to buy until it reached a plateau between 1.0800 and 1.0850. After this, there was a big SELLING price action, which led to the recent price drop.
The price level of 1.0800 is still a strong resistance level that offers a good place to sell when it is retested.
In the meantime, any movement down toward 1.0300 should be watched for BUYING pressure, which can lead to a new movement up.
