The EURUSD has seen trading a little bit below the 100 hour moving average today, and a little bit above the 200 hour moving average (blue and green lines in the chart above).
The last move has taken the price back above the 200 hour moving average at 0.97866, but like earlier attempts yesterday and again today, the price has rotated back to the downside and currently trades at 0.9757.
What is also in play in addition to the 200 hour moving average, is the highs from last Friday and the 50% retracement of the move down from last week's high to this week's low. The 50% midpoint is at 0.98145. The high price today reached 0.9808 - 6 pips below that target. There is also a swing area between 0.9808 at 0.98119 going back to September 21 (see red numbered circles in the chart above).
So buyers and sellers are battling it out with fails below the 100 hour MA below and the 200 hour MA above. Look for a break with momentum going forward to give traders more confidence.
