Technical Analysis

EUR/USD continues to stay trapped amid large expiries at play once again

EUR/USD sits in a 17 pips range so far today

ForexLive

Price continues to range for the most part between 1.1270 and 1.1320 over the past few days and with markets in a lull today, price action should remain rather limited as well.

Of note, there are large expiries resting at 1.1265, 1.1280-90, and 1.1315 (total €5.5 billion) so that should help to limit the price range to what we have seen over the past few sessions; barring any major surprises in markets that is.

Besides that, price is also trapped in between key daily moving averages with the 100-day MA @ 1.1261 and 200-day MA @ 1.1334 also helping to act as key support and resistance levels respectively for the time being.

Even though the near-term bias may be favouring sellers for now, the expiries above should help to see minimal action in the build-up to tomorrow’s non-farm payrolls report. That will be the next key risk event for the pair and hopefully we’ll see more of a breakout from the current ~50 pips trading range in the last three days.

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