EUR / USD price action is between key hourly moving averages
Buyers went looking for an upside break in the night trade, but failed in the midst of minor resistance around 1.0885, the moving average of 200 bars on the 4-hour chart also helping. to limit the gains in euros yesterday.
This saw the price fall back below the 200 hour MM (blue line) and the short term bias in the pair has since remained more neutral, with price action currently only 26 pips.
The lowest moved to test the MA at 100 hours (red line), but buyers have defended the level, leaving so far lukewarm trade during the session.
Futures contracts in the United States are gaining momentum, currently trading 0.7%, which puts slight pressure on the dollar, especially against the Aussie and the loonie.
EUR / USD also fell, but price action remains largely contained.
For buyers, there is still a lot of work to be done and I think a break above 1.0900 is necessary to establish a real conviction for a new upside breakout.
For sellers, they have been constantly knocking on the door of a firm bearish movement below 1.0800 since last week, but that has yet to materialize for them.
Support levels at 1.0767-85 will be critical to watch if the price starts to drop below the 1.0800 level.