Well the Euro is not the best one to trade as it is constantly reflecting strength or weakness in DX which is a basket of currencies. Baskets tend to often trade sideways or trade choppy. Here is the 2 minute chart of the June Emini. It at least trends fairly well even being a reflection of 500 stocks. Note 1st of all price respecting the 'rising' 20ema using it as support from the official open right up to about11:36. Then see price drop below the 20ema and stay there. See the 20ema roll over then because price was now below it. And see price bump up against the falling 20ema and now use it as price resistance each time all the way down the the end of the day. Of course you do need to allow for a little wiggle room as price does like to poke its nose above the 20ema and then back off again. Recall NG. Same thing only on a 2 minute chart of the ES.

And price rides above the 4ema closing above it on very short term swings and closing below the 4ema in short downtrends. But I would prefer just using the 20ema and price with a 2 minute chart as now you are really splicing hairs.