The EURUSD is trading in a narrow 37 pip trading range to start the trading week. The average range over the last 22 trading days was 98 pips. At 37 pips, there is room to roam on a break one way or the other. Pick your poison.
The price action has seen modest up and down waves. The price is currently trading near the highs for the day at 1.07815 (third look at the highs). The current price is trading at 1.0776. The low price today reached 1.07442. The low was at the bottom of a swing area earmarked between 1.07442 and 1.07592 (see red numbered circles). Support buyers leaned, and pushed the price higher.
The pair also trades right between the 100 hour moving average above at 1.08045 (blue line), and the 200 hour moving average below currently at 1.07269 (green line). On the downside the 50% midpoint of the range since March 15 is also in play and would need to be broken to increase the bearish bias.
Last week, the price dipped below both the 100 hour and the 50% retracement (on Friday) near 1.0722. That break quickly failed. So traders could argue that the sellers had their shot. They missed. That may be a catalyst for the dip buying at the 1.07442 level today.
Having said that, the buyers need to show they have more umph than 37 pips off the low. They ultimately would also need to prove that they can get above the 100 hour MA (blue line). The 1.0759 top of the swing area is close risk for buyers looking for the break higher. Move below that level, and then the 1.0744 would not be a "good look" technically for the buyers.
IN the weekend video, I also look at the daily and weekly charts for a broader view. You can see that video by clicking HERE.