After the technical breakout of 1.0485 static support - preceded by the first touch of the 30m 20-EMA at 1.0530 - the par sell off was halted at round 1.0450, creating a series of semi-intraday lows at 1.0455 and in the process an upleg just 2 pips short from kissing the 30m 20-EMA, before sellers stepped in.
Following the modest downside resumption of the bear trend to new lows at 1.0438 in Asia, a bounce has, again, met with the 30m 20-EMA at 1.0455, causing the price to revisit short term established support at 1.0443.
So what is the 30m 20-EMA communicating? For the sellers, it essentially reassures them they are in control, as they try to compress prices lower in order achieve further gains, with 1.04 possibly as a logical target in mind. For buyers, it shows that unless the 30m 20-EMA is regained to the upside and holds as dynamic support afterwards, so as to slowly recover ground, entering blindly at current lows carries some large risk.