Trades in the middle of the 3+ day value area...
The EURUSD - since midday Friday - has traded most of the time between 1.0882 and 1.09247. That is not a lot of room. At the close of yesterday and into the Asian session today, the price moved above the 1.09247 level and moved to a high of 1.0936. That fell short of the highs from last week at 1.0946 and the double top at 1.0950 area. When the price fell back below the 1.09247, the buyers turned to sellers, and the price action has seen the ceiling reestablished at 1.0922-247.
The low today has moved to the 100 hour MA at the 1.0902 level. The MA stalled the fall on the first look at least.
Let's face it, the market is waiting for the next push, and it will push away and outside the Red Box in the chart above (and outside the wider range too - from 1.0824 to 1.0950).
The Fed is today. The US employment is on Friday. The Fed speakers are on Friday. The French election is over the weekend. The EU data is better, but will the Fed keep the dollar supported.
What we have seen, is traders are reacting to levels. The price moved above the 1.0922-247 and moved higher. The price moved below the same level and moved to the 100 hour MA. The problem, is the price action is not getting follow through momentum.
Traders are trading the levels. Traders are taking pips quickly. Traders may be looking for the break - like above the 1;0922-247 - but there are other levels to get to and through too (like the highs from last week). If the breaks fail, they react to the failure.
At some point we will get a break and run (the range for the week is only 53 pips after all), but it may take more patience for that push.