The EURUSD is back testing the high from earlier today and in doing is completing another up and down (or down and up) session for the pair.
Each day this week, the price moved higher or lower and reverserd lower or higher. Today, the price moved higher initially, fell down, and returned back to the high.
Technically, the low price today was able to get below the 100 hour MA (blue line), but stalled at the rising 200 hour moving average (green line in the chart above). The subsequent rally returned all the way to the early European session high near 1.0857. So far sellers have been able to keep the price just below that level. The current price trades at 1.0852
Overall this week (and going back to last Friday and parts of Thursday), the price stayed confined within a boundary defined by swing low at 1.0760 and a swing high at 1.0874. On Wednesday there was a brief break above the top side extreme, but that break quickly failed and resistance was reestablished near the top side swing area ceiling between 1.0866 and 1.0874. That swing area, and the high for the week, will need to be broken to get the price outside of this up-and-down trading range.
Absent that, and a move back below the 100 and 200 hour moving averages would have traders looking toward the lower extremes of the week’s range this week.