EUR/USD runs up to a test of its 100-hour moving average
Amid the risk/equities rout yesterday, the dollar firmed and although EUR/USD was resilient at first, it finally fell off late in US trading towards 1.1300.
Notably, price action fell back under its 100-hour MA (red line) and tested the 200-hour MA (blue line) - currently @ 1.1288 - earlier in trading today.
The latter helped to limit losses in the pair as buyers leaned on that level and prevented sellers from seizing near-term control. But as we see equities retrace some of the losses yesterday, the dollar is seen weaker so far on the session.
That is helping to give EUR/USD a little nudge higher towards 1.1330 and testing its 100-hour MA @ 1.1329 currently. Break above that and buyers will seize back near-term control but keep below the level and the near-term bias stays more neutral.
As such, the battle between the key hourly moving averages will be the main focus ahead of the weekend today. Looking at the daily chart:
There is a bit of a consolidation as the upside move stalls at the 1.1400 handle. As such, any further run requires a break of the figure level above in order to be sustained and for buyers to then target the 9 March high @ 1.1495.
But as we look to figure out the risk/equities story since yesterday, the current focus is on the key near-term levels above first and foremost.
