Technical Analysis

EUR/USD not in a hurry to go anywhere to start the new week

Price continues to hug the key hourly moving averages

ForexLive

Buyers and sellers are continuing to battle it out around the 100 and 200-hour moving averages (red and blue lines respectively) to start the new week. Friday’s US jobs report failed to offer anything too new to traders and that leaves the near-term bias in EUR/USD still relatively undefined for the time being.

From a technical perspective, near-term resistance is seen closer to 1.1245-50 while support/bids are lined up at the 1.1200 handle with further support seen at 1.1184 from the 2 April low (daily resistance at 1.1187 also still at play here).

Adding to the lack of excitement for traders today is that there are large expiries rolling off at 1.1225, which looks set to limit price action on the day given that risk is also struggling for direction after turning from being more optimistic to being more cautious now.

That and the near-term levels above should keep EUR/USD still trapped within the 1.1200-50 range to begin the week, until the next catalyst comes along to break the mold.

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