The EURUSD fell sharply last week bottoming on Thursday at the lowest level since January 2017. That low reached 1.04703 before bouncing on Friday and closing at 1.0540. The price is currently trading at 1.05265 down 14 pips on the day.
Looking at the hourly chart, the price high today moved up to test the falling 100 hour moving average (blue line currently at 1.05608). The high for the day reached 1.05675. That was just below the 100 hour moving average at the time at 1.05699 (the moving average has since moved lower).
Going forward it would take a move above the 100 hour moving average to give the buyers more confidence. A move above would next target the high from Friday at 1.0592 and the 38.2% retracement of the move down from last week's high at 1.0600. The 38.2% retracement of the move down from the March 21 high is up at 1.0648. Those levels would all be upside targets - and minimum targets - to give the buyers more confidence in control.
Alternatively, stay below the 100 hour moving average, and the sellers still remain in firm control (as evidence from the decline since peaking next to that level). The price has not traded above its 100 hour moving average since April 22 when the moving average was way up at 1.0821.
Keeping the dip buyers "in play", is the low today stalled near the low from the North American session on Friday at 1.05088. A move below that level and then the natural support at 1.0500 would likely contribute to more downside momentum.
As mentioned the low last week reached 1.04703 and would of course be the next major target on a break of 1.0500. Move below that level, and traders would start to look toward the low price going back to January 2017 at 1.0339. Move below that level, and talk of parity would intensify.