The EURUSD has seen up and down and up trading today. The pair closed the Good Friday holiday trading at 1.0809. Today, in the early Asian session, the price moved higher to 1.0820. The price moved lower to 1.0872, before rebounding to a high of 1.0813. The current price is trading at 1.0806 just below the close from Friday.
Looking at the daily chart below, a swing low area from 2020 comes between 1.07642 and 1.0777 (see red numbered circles and yellow area in the chart below). Although the price last week did move to a low of 1.07568, the momentum to the downside could not be sustained, and the price traded back higher. Today's low, stayed above that swing area. Buyers may look to continue to lean, on hopes the price stays above and there is finally some corrective probing to the upside.
On the topside, getting back above its 100 hour moving average (blue line in the chart at the top of the post) at 1.0835 (and moving lower) would be required to increase the bullish bias.
Also getting below the 200 hour moving average (green line in the chart at the top of the post) at 1.08612 would be a another hurdle.
Last week on Thursday, the price did move above the 200 hour moving average ahead of the ECB decision, only to fail on a break. The price moved back below the 200 hour moving average on the less hawkish/more dovish Lagarde press conference remarks.
The price of the EURUSD needs to get above both the 100 and 200 hour moving averages if the buyers are to be taken more seriously from a technical perspective.
