Looking at the hourly chart of the EURUSD, the pair can't get out of its own way. When it rises, it reaches toward limits and falls. When it falls it reached toward lower limits and rises. In between sits the 100 and 200 hour moving averages which has seen moves above and moves below nearly daily, and some other swing levels which can get muddy as well.
Nevertheless, although the price is stuck in the mud (or within the up and down trading ranges, there are points where traders are taking advantage of the risk defining areas, and leaning.
For example, looking at the hourly chart, the high price today stalled within a swing area that had a number of highs going back to December 1 (see red numbered circles). Sellers leaned in and pushed the price below another swing area between 113.418 and 113.458 (see green numbered circles). A corrective high price intraday today stalled within that area and pushed down through the 200/100 hour moving averages (green and blue lines).
The 100 hour moving average is now a risk level for sellers. Stay below and the sellers remain in control.
The downside, the next target comes near the 1.1283 level, followed by a swing area between 1.1271 and 1.1276. Below that comes a another swing area near 1.1260 and 1.12636.
Given the up and down nature of the market, any of these levels could stall the fall as traders leaned and sellers turned the buyers. They also could be broken in which case dip buyers against the levels, sell on the break.
Such as the dynamics of an up and down choppy market trying to find its direction. For the time being, the pair seems to not be all the get out of its own way but technical levels could still be found and leaned against. Be patient. Pick your spots. If the level holds (both resistance or support), be happy but always look for the next target - in the direction of your trade - for confirmation. If there is a failure get out. Also, don't be afraid to take your profit. There will always be another trade.
