The pair started trading this week at ~1.1025 and is currently trading just about similar levels right now as sellers failed to capitalise on the near-term momentum to drive price firmly below the 1.1000 handle.
Bids and support around the figure levels is helping to keep the pair afloat and buyers managed to squeeze out some decent gains since overnight trading.
That saw price move back above the 100-hour MA (red line) @ 1.1018 as the near-term bias turns more neutral now. This means price action is essentially caught in the middle as buyers and sellers now do battle to try and establish near-term control.
For sellers, they will have to work towards driving price firmly below 1.1000 to extend the downside momentum since the start of the month.
As for buyers, a move back above the 200-hour MA (blue line) @ 1.1040 will be a good start to recapture some upside momentum.
Looking ahead, large expiries may yet be a factor in limiting price action going into the weekend and the start of next week. Today, there is a chunk (€1.2 billion) rolling off at 1.1000 and on Monday, there is a similar one (€1.3 billion) rolling off at 1.1055.
That may yet just keep price action trapped between the two levels in the meantime as traders continue to search for a fresh catalyst for the pair to start trending again.