The 1.0777 is the low and 1.0822 is the high
The EURUSD this week moved down to fill a gap from April 2017 (from the French election) between 1.0777 and 1.08820. The low reached yesterday at 1.07771 just above the gap low. Close enough to call the get filled.
Looking at the hourly chart, the high price reached yesterday and today right around the topside of that gap at 1.0820. The high reached 1.08207.
Traders are using the gap to move up and down over the last 3 or so trading days. They are waiting for the next shove either to the upside more to the downside.
In between sits the falling 100 hour moving average at 1.08065. The price before yesterday had not traded above that moving average since February 4. Both yesterday and today, the price has breached above that level but can't get above that 1.0820 level. So traders seem to be more focused on the range extremes versus the moving average.
Overall, you have to continue to give the bias to the downside. The last few days has seen a reason to stalled the fall, but the upside momentum has been very limited. If the price is going to move higher the minimum would be to get above the 1.0820 level and then the falling 200 hour moving average at 1.08394. Absent that and the sellers are still mostly in control with a break of the 1.0777 level likely to lead to further probes to the downside (a lower trendline on the weekly chart comes in at 1.0737 currently and would be a target).
