Takes out lows from last week, but cannot take the next step.
The lows from last week at 112.069 and 112.045 were taken out in early NY trading BUT the 38.2% of the move up from the November Election Day low at 111.98 could not be breached. That muddies the water for the sellers. You not only have the failure on breaking the two lows but the failure to get below the 38.2% is another failure.