EUR/USD trades narrowly towards the end of the week, which only saw the pair trade within a 68 pips range overall
The pair is keeping near flat levels on the day so far with the trading range today being just 11 pips. On the week, the total range has been just a measly 68 pips.
If anything, that reflects the general lack of direction in the pair at the moment and arguably for the better portion of trading this year. The lackadaisical movement is even more evident when you look at price action for the final quarter of this year:
For now, sellers are in near-term control as price keeps under both key hourly moving averages but there is also a struggle to try and push price below 1.1100-10.
Meanwhile, for buyers, the continued struggle this week is trying to keep near-term momentum on their side and also to try and break above the 200-day moving average - which currently resides at 1.1150 today.
Looking ahead, there are large option expiries all around 1.1120-50 that should essentially keep price action "within range" as we look to end the trading week.
Put that together with the key technical levels highlighted, it suggests that we shouldn't see much action or general direction in the pair going into the weekend.
In the big picture though, it's all about the push and pull now as sellers will have to try and contest a move back below 1.1100 for some added downside momentum.
Meanwhile, buyers have to try and crack the 200-day moving average first to build some conviction towards a potential move higher in the coming weeks.
