EURUSD Short Bias

FX:EURUSD   Euro Fx/U.S. Dollar
This currency pair is is looking bearish from my analysis. If you look at the circle drawn on the chart you can see that price action failed to take out the previous higher low. This could result to two potential outcomes:
1. that the selling power lost their momentum for a short while and that they were reloading while price was making some retracement to the upside. Price action right now is struggling on 61.8 fib and key level resistance which was once support which is a confluence, forgot to mention the 200ema which just hovering slightly above with spinning top which is more confluence that price is struggling on this level.
2. Price action failed to take out the previous higher low which is showing that price did not have enough power to continue selling/bearish trend and now it is starting a bullish trend .

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