EUR/USD continues to trade in a narrow range close to 1.1200
Of note, price is back below the 100-hour MA (red line) as buyers are looking exhausted in keeping the upside momentum going. Price has been consolidating around the 1.1200 handle and has been pivoting around the 100-hour MA over the past few sessions.
Currently, the move lower sees price test the near-term trendline support @ 1.1184.
A move below that will allow sellers to gather more momentum to the downside but price needs to break the 200-hour MA (blue line) @ 1.1160 in order to see a real run lower.
As it stands, there isn’t much for traders to go on as price continues to bounce around narrow levels to start the new week.
Let’s see if we’ll get anything more interesting as the day progresses. For now, markets are still sending a bit of mixed signals with equities and bonds holding firmer to start the day.
Update: Price just hit a fresh low of 1.1170 now. Looks like we could be seeing a real move lower to test the 200-hour MA @ 1.1160.