The EURUSD has seen a lot of down and up and down and up and down again volatility since the ECB rate decision. The last run to the upside moved to an intraday high of 1.0773. That move took the price above the swing area between 1.0748 to 1.07637 (See green numbered circles).
However the price has since moved back to the downside and currently trades at 1.0733 after reaching a low on this moved to 1.0723. The traders looked down toward the 200 hour moving average 1.07159 and the 100 hour moving average 1.07086.
Those moving average levels should be support if the buyers are to keep control.
Having said that, the price action is still within the overall trading range that has defined the pair since May 23 when the price broke out above 1.0633 to 1.0641 swing area.
In between the low and high extremes of the "Red Box" sits the moving averages. They define the mid point barometer for buyers and sellers. For today, stay above is more bullish, but getting back above the 1.0748 to 1.07637 will still be needed to increase the bullish bias.
Conversely move back below the 100 and 200 hour moving averages would disappoint the buyers and could see another run to the downside as the ups and downs continue in this pair.
