EUR/USD buyers looking to try and establish more near-term control
Price action continues to rest in a relatively narrow trading range this week with buyers leaning on a cluster of support levels around the 200-hour MA (blue line) yesterday before finding some momentum to test the 100-hour MA (red line) @ 1.1137 currently.
If buyers can break above that, they will establish more near-term control in the pair.
However, do take note that there is the 200-day moving average @ 1.1151 that is helping to limit any upside potential so far over the last two weeks. That will be a key level that buyers must break above to feel more confident about an upside extension.
For now, there is little else besides flows that is really helping to move the pair around with yesterday a little bit to the downside but today creeping back to the upside.
Perhaps the BOE policy decision later may offer something for the EUR/GBP complex and let's see if that can help to drive any notable movements against the dollar. Otherwise, the key levels highlighted above should continue to keep the pair "in range" this week.
