The EURUSD moved below its 100 hour moving average early in the Asian session, and did a good job of staying below that level into the early European hours (no hourly close above the moving average line).
The European session has seen a modest decline to the downside took the price from and intraday high near 1.1851 to a low of 1.18157. That low in the London morning session was just above the Monday low price of 1.18135. Buyers against the week's low has led to a modest rise. The price has traded above and below the 200 hour moving average at the 1.1831 level over the last few hours.
The tilt is a little more in the favor of the downside and that the 100 hour moving average at put a lid on the price. However, the buyers can also argue that the holding of the week's lows and move back above the 200 hour moving average is good news for them.
So both buyers and sellers have some skin in the game and can claim a victory from a technical perspective with risk defined. The topside risk for sellers would be at the 100 hour moving average at 1.18512. Stay below is more bearish. On the downside the dip buyers would not want to see new lows for the week below 1.18157.
Of consideration is that the range for the entire week is only 80 pips in the pair. That is below the lowest trading ranges for the week this year at about 85 pips (see the weekly chart below). So if you believe that it is most likely that the range is extended to something larger, one way would be taking out the low (stating the obvious) between now and the end of week on Friday. Stay below the 100 hour moving average would keep that hope alive for the and sellers.