EUR/USD is currently experiencing a high volatility environment, but lacks a dominant mid-term trend.
From a trend following perspective, the technical set-up could be more combustible if ADX where not below 30 on the 1-hour chart. Endorsing this view, a 50-period simple moving average trapped in-between the 200 and the 800-period makes EUR/USD appear to be in a state of suspended animation (at least from a larger perspective).
Traders on a stand-by may look for bullish divergences in momentum, targeting the 800 SMA. A perforation of the 50 SMA below the 200 would switch the tone to bearish.