200 hour MA at 1.21865 and 100 hour MA at 1.21682.

After moving higher yesterday and trading back above its 100 and 200 hour moving averages (blue and green lines) - and closing above those levels - the EURUSD dipped back below the 200 hour moving average in the Asian session and stay below that line (green line in the chart below).

200 hour MA at 1.21865 and 100 hour MA at 1.21682.

The decline saw the price fall back below its 100 hour moving average as well on three consecutive hourly bars, but each dip saw buyers pushed price back up above the moving average line. There were no closes below the 100 hour MA (blue line). The last three hourly bars have remained above that key technical barometer.

The price just tried to take extend above the higher 200 hour MA at 1.21865, but quickly reversed. The pairs back trading at 1.2176 as I type. The 100 hour MA is waiting below at 1.21682.

At some point the buyers and sellers will decide which way it wants to break. The buyers had their shot. The sellers had their shot earlier. Someone's going to connect and the price will break and run in the direction of the break.

The range for the there is only 30 pips. The average of the last 22 days (month) is 64 pips. There is room to roam. That also supports the idea, that there is a chance to break and run once the "market" decides.