EUR/USD is up 0.2% to 1.0825 currently, sitting near the highs for the day. The range today may be relatively narrow still but buyers are seen making a play once again as they contest the 100-hour moving average:
The key level has been a solid near-term spot for sellers to lean on in driving the pair lower from 1.1000 to just below 1.0800 last week. That also resulted in a break below its 100-day moving average, but now that move in itself is being called into question as highlighted earlier today here.
This is certainly keeping things interesting to start the new week and a hold above the 100-hour moving average noted above, will allow for buyers to wrestle back some near-term control. That will open up some room for price action to roam in between that (now at 1.0823) and the 200-hour moving average, now at 1.0867.
As highlighted in the linked post above, this isn’t the only dollar pair which is seeing its breakout move called into question. USD/JPY is also trading flattish at 137.90 now but is seeing its break above 138.00 last week get checked back at the moment.
This article was written by Justin Low at www.forexlive.com.
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