Dollar keeps steadier so far on the day

Technical Analysis

Author: Justin Low | eurusd

EUR/USD testing key support levels once again

EUR/USD D1 04-03
The greenback is trading a touch lower against the antipodeans but is holding slightly firmer against the likes of the yen, euro, pound and franc on the session.

Of note, EUR/USD is trading down to session lows of 1.2036 from around 1.2060 earlier as sellers are testing key support levels once again today.

Price is now running into a test of the 100-day moving average (red line) @ 1.2038 and creeping below the trendline support @ 1.2051.

There is still some layer of support closer to 1.2000 as evident by the bounce earlier in the week but if Fed chair Powell gives the green light for yields to surge higher today, the dollar may just sweep past those levels and break higher (EUR/USD lower).

As such, watch out for the levels highlighted above in the sessions ahead with further support then seen closer to the February lows @ 1.1952-58.

On the other end of the spectrum, buyers will need to get back above the 100-hour moving average @ 1.2065 and 200-hour moving average @ 1.2113 to establish any semblance of a near-term bullish bias at this point in time.
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