Price remains caught around the 100-hour moving average

For now, price is barely staying above the 100-hour MA (red line) but continues to sit below the 200-hour MA (blue line) and that means near-term bias is undefined. However, the key battleground right now revolves around the 100-hour MA and that is where sellers and buyers are trying to stake their claim.

The 1.1400 level will be a key area of interest today. Sellers have leaned on the figure level to sell down the pair in yesterday's trading and will continue to do so today. Add in the fact that there is large expiries around 1.1400-05, it makes for an attractive level to keep anchor price action from running too far to the upside.

However, do take note that there is also large expiries at 1.1450 - close to the 200-hour MA - which may be a level of interest as well in the later sessions.

Right now, price is just waffling above and below the 100-hour MA with little much to go on besides. 1.1400 will be where sellers will look to come in and as for buyers, they can now lean on a newly formed near-term trendline close to the 100-hour MA at 1.1370 in the session ahead.

Also of note, is the weekly chart as we look to wrap up the week. For now, price continues to stay above the 200-week MA @ 1.1360:

Resistance

- 1.1400 (Expiries, offers)

- 1.1426-33 (38.2 retracement level, week's highs)

- 1.1450-60 (Expiries, 200-hour MA)

- 1.1500 (61.8 retracement level, offers)

Support

- 1.1370 (100-hour MA, near-term trendline)

- 1.1350-60 (Yesterday's low, 200-week MA)

- 1.1330 (Minor support from Tuesday low)

- 1.1300 (Barrier, year's low)