Tight range so far today, but the pair is at session highs of 1.1800 now
The key level to break here would be the 100-day MA - at 1.1804. The pair had a shot at it yesterday, but buyers failed to carry through that level on the daily close.
Now, it's looking like they are gunning for another shot at it again. The EUR remains underpinned as dip buyers continue to come in to support the currency.
As you can see in the hourly chart here, the 200-hour MA has been a solid footing for buyers to step in and buy the EUR over the last two days. But looking at the bigger picture (from the first chart - daily), we can see the uptrend for this year also provided a good support level for buyers to lean on to make their entries.
While speculative longs in the EUR may be close to 10-year highs, the futures market is just a small portion of the entire market in general - but it can provide a good indicator at times. Looking at the charts for the spot market, it still looks like buyers are eager to come in on the dips.