The pair is struggling to break away from the 100 & 200-hour MA
The pair had a session high of 1.1782 earlier, but the price is still wanting to go back to the 100 and 200-hour MA.
Sellers are leaning on these levels for now, and buyers need to push through here to bring it back up for a test of 1.1800 again. There are no nearby significant option expiries for the pair on the order board so far today, so that isn't going to be a factor when it comes to price action.
Looking at the bigger picture, the pair is actually supported by the upward trendline that's been building up this year. That's what is helping keep the pair underpinned for now, but do take note that speculative long positions in the EUR has hit highest levels since May 2007.
When a consensus is so great, sometimes it can be dangerous. If the trendline gives way, we could be on course for a sharper correction.
