EUR/USD inches a little higher but price action still going nowhere for now

Technical Analysis

Author: Justin Low | eurusd

EUR/USD nudges to a high of 1.0882 amid some mild softness in the dollar

EUR/USD H1 09-04
ForexLive
The dollar has eased a tiny bit to start the session with EUR/USD moving to a session high of 1.0882 but is only up by around 0.2% on the day currently.

So far, buyers are still defending any move near the 100-hour MA (red line), currently @ 1.0839. However, any move higher remains contained around 1.0880-90 with the 200-hour MA (blue line) @ 1.0904 also limiting any upside momentum.

All eyes are on the key risk events later today and that will set the tone for the market ahead of the Easter break over the next few days in some parts of the world.

For EUR/USD, near-term price action is largely confined between the key hourly moving averages for now. The trade will be to go with a break on either side of that, in search for a more trending move over the next few sessions.

Further downside support is seen closer to 1.0800 with last week's lows at 1.0769-72 an area to watch. Meanwhile, further topside resistance is seen from the 7 April high @ 1.0926 before the 50.0 retracement level @ 1.0966 comes into play.

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