The pair looked like it was poised for a breakout move at the start of the week, climbing to fresh five-month highs but that all came falling apart in US trading as the dollar has been more bid in each of the North American sessions so far this week. The daily closes have failed to firmly break above its 200-day moving average (blue line), now seen at 1.0372, and that remains a major impediment for buyers at the moment.
The dollar might be slightly softer today, with the pair up 0.2% to 1.0348, but the key technical level above is the main focus currently.
Month-end flows will not make it easy to sort out the price action today, adding to the fact that we will also be hearing from Fed chair Powell as well.
But the technicals are the best tool you can lean on in these circumstances and for now, buyers are still unable to seize firm control of the pair so long as the 200-day moving average is still in play for sellers.