EUR/USD rests in a 11 pips range so far today
As mentioned yesterday, despite sellers maintaining near-term control, the pair is sort of resting in a push and pull territory between buyers and sellers still.
The risk for buyers is if price starts chasing a move under 1.1000 and the 14 November low of 1.0989. Meanwhile, the risk for sellers can be defined around the 100 and 200-hour moving averages at 1.1045-49 currently.
The issue with trading sentiment for the pair this week is that there hasn't been much to work with. The lack of key economic data releases only exacerbates that notion with the lack of clear fundamental catalysts as well.
Not to mention that the pair also remains trapped between large option expiries that are rolling off in the coming days:
Wednesday, 27 November
- 1.0900 (€2.0bn)
- 1.0995-00 (€1.6bn)
- 1.1035 (€770m)
- 1.1040-50 (€934m)
Thursday, 28 November
- 1.1025-35 (€1.0bn)
There will be a couple of notable US economic data releases tomorrow before the Thanksgiving holiday kicks in so let's see if that has the potential to shake things up. Otherwise, just be mindful that price action may be limited in the pair in the coming sessions.
