Trades below 100 hour MA above, but trend lines to get below.
There seems to be no change on rates of guidance from the ECB statement and that has the EURUSD inching up a little after the announcement (it is really just waffling). All eyes will be on Draghi. Does he soften the stance toward raising rates at the end of the 2019 summer given the softness and global risks? That will help to dictate the next move.
Technicallly today, the price moved back below the 100 hour MA (remains below the 200 hour MA - green line) which is currently at 1.1369 and 1.13942 respectively. For the bulls to get more confirmation, moves back above those MAs are needed.
On the downside, the low today took out the low from Tuesday, but only by a few pips. The low did run into an upward sloping trend line on the 4-hour chart at 1.1331 (low reached 1.13292 - see chart below). A move below that MA will then test a downward sloping trend line connecting more recent lows at 1.1321. Breaking below each, opens the downside for more selling.
The pair sits above the support from two trend lines, but below the key hourly moving averages above. It is on to Draghi's comments and presser. I would expect the press to push him on the end of summer hike schedule and he will be prepared to answer.
PS the range for the week is only about 66 pips. That would be the most narrow range for years and years if there was not an extension. So I do expect a new high or new low this week at some point.