Technical Analysis

EUR/USD falls to session low as dollar firms further on the day

EUR/USD slips to a low of 1.1238, tests key hourly moving averages


Price moved lower following a WSJ interview (on 11 July) with Fed dove James Bullard was published, headlining that Bullard did not view that a cut beyond 25 bps is warranted ahead of the 31 July meeting decision.

That put an extra bid in the dollar on the session and is pushing the greenback to session highs against a couple of major currencies. Of note, EUR/USD has moved lower to challenge key near-term support levels currently.

Sellers are now challenging the 200-hour MA (blue line) and 100-hour MA (red line) @ 1.1242 and 1.1239 respectively as they try to seize back near-term control.

As sellers search for a break below the levels above, it could open up a move back towards testing the 1.1200 handle again as the pair continues to bounce around between a fairly narrow range over the past two weeks.

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