The lows from last week are so far holding support
The EURUSD opened and wandered higher in early Asian trading but stalled ahead of the 100 hour MA at 1.17218 (currently - blue line in the chart above). That hold, has kept the sellers in control. The price moved back to the downside in the early European session but found support buyers near the lows from last week at 1.16827 (the low reached 1.16839 just above the lows from last week).
With the resistance holding and the support holding, there is a little something for both the dip buyers and the sellers, but overall staying below the 100 hour MA keeps the sellers more in control. Ultimately, if that MA is broken, the pair would also have to get back above the falling 200 hour MA at 1.17411 to kick start the buyers with more of a technical bias tilt. The price of the EURUSD has not traded above the 200 hour MA since September 14.
Move below the 1.16827 level and the lows from August at 1.16637 would take the pair to the lowest level this year (and going back to November 2020).
Looking at the daily chart, the high for the year was at 1.12488. The low reached 1.16634. The 684 pip trading range is very narrow for the calendar year. Will the range be extended as the calendar ticks toward the last 1/4 this week?
