Dollar keeps steadier so far to start the session

Technical Analysis

Author: Justin Low | eurusd

All eyes on the Fed today

The dollar is holding its ground to start European morning trade, with little change seen across the major currencies bloc for the most part. Commodity currencies are slightly weaker but mostly just paring some of their advance from yesterday.

EUR/USD is near the lows for the day now but keeping within a 26 pips range so far:

EUR/USD H1 27-01
Of note, price is easing back under its 100-hour moving average (red line) @ 1.2157 and that puts the near-term bias more neutral for the time being.

The 200-hour moving average (blue line) is a key near-term level to watch @ 1.2131.

European indices are slightly softer in general while US futures are looking more tepid as well, though tech continues to hold up relatively well.

The key focus today will be on the Fed and that could see European trading today be more lackluster overall as the waiting game plays out.

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