The EURUSD has extended above its 100-hour moving average at 1.08215 for the 2nd time today. Late in the London morning session, the price moved above that moving average but backed off. The modest fall to price back to the 100-day moving average of 1.08092 and found support buyers. Breaking above the 100-hour moving average is a bullish bias shift in the short term. The next target comes between 1.08420 and 1.08485. That area represents sewing lows and highs going back to May 12 (see red numbered circles on the chart above).
The price has dipped back toward the 100-hour moving average after reaching a new intraday high of 1.08305. The current price trades at 1.08245.
St. Louis Fed Pres. Bullard has been more hawkish in his comments which may be slowing the rise. The range for the EURUSD is only 36 pips today. The average of the last 22 days is 76 pips. So there is room to roam.
On the downside, a move back below the 100-hour MA and the 100-day MA would weaken the technical picture again with a break giving the sellers to go-ahead to push back toward the low from last week at 1.0759 (eventually).
