The market continues to look tepid over the past few sessions
Sellers are still defending the near-term bias after holding at the 100-hour MA (red line) in trading yesterday but again struggled to find a firm break under the support region around 1.1213-27 despite brief risk jitters in overnight trading.
Since then, price has bounced back a little to 1.1240-50 levels currently but price action isn’t reflecting any significant change – staying between the 100-hour MA @ 1.1272 currently and above the support region of 1.1213-27.
Those are the two key levels to watch right now as we continue to navigate through some choppy sentiment in the risk mood for the most part.
Towards the upside, further resistance can be seen at the 200-hour MA (blue line) @ 1.1300 should buyers manage to try and wrestle back some near-term control.
Meanwhile, the 1.1200 handle will also offer a key psychological level for the pair in the event of a run under the support region highlighted above.
US futures are still keeping lower on the day but E-minis did briefly pare losses – now down 0.2% – in the past hour. This is still largely reflective of the indecisive and choppy tones since trading yesterday as well.
As such, unless we start to get a firm risk tilt, EUR/USD may just continue to sit more in limbo with the main focus of the market being on risk at the moment i.e. dollar side of the equation is the more dominant half in the pair right now.