The price trades between the 100 hour MA and 200 hour MA
The EURUSD continues to rip back and forth. The last 15 days has seen the price move in a range from 1.22375 to 1.2443 .
Moving in to more recent trading, the last 6 trading days the range is more narrow from 1.22375 to 1.23879. The midpoint of the last 6 day range is at 1.23127. We trade at that level now. The market is at a neutral price.
Taking it another step, that 50% is bracketed now by the 100 and 200 hour MAs at 1.23017 and 1.23253 respectively (blue and green lines).
That area is the neutral area in the middle of a range. When in a neutral area, traders look for the break and run.
Move above the 100 hour MA (and broken 38.2% at 1.23304) and there should be more buying.
Move below the 100 hour MA and follow that with a confirmation move below the 61.8% at 1.22949 and there should be more selling.