With Lagarde presser at the bottom of the hour, the EURUSD has positioned just under the 100 day MA at 1.2055. The price did briefly breach that level to a high of 1.2058 ahead of the rate decision last hourly bar, the price has rotated back below since the decision. It will take a move back above that MA to give the buyers more upside confidence.
On the downside, the London morning low extended to test its rising 100 hour moving average and found willing buyers. Yesterday, the sellers tried on six consecutive hourly bars to extend below that moving average level, only to rebound and close above on each of the hourly bars. Sellers could not follow through to the downside.
So with the low to high trading ranges of only 37 pips (the average over the last 22 days is 57 pips), and the pair trades between the moving average resistance above and moving average support below, the traders await for the next shove higher or lower.