EUR/USD keeps above key near-term level, but remains just below 1.1300 for now

Technical Analysis

Author: Justin Low | eurusd

EUR/USD buyers defend the 100-hour moving average, but gains are limited

EUR/USD H1 08-07
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The pair has been seeing more choppy price action over the past few weeks and yesterday was no different, with the pair falling to a low of 1.1259 and testing its 100-hour MA (red line) before rebounding back to near 1.1300.

The figure level capped gains and that saw price action trickle back towards being centered around the 100-hour MA. Buyers are continuing to defend that level and keep the near-term bias more bullish but there is little conviction to go "running" just yet.

US futures are up by around 0.2% to 0.3% now, but overall that isn't offering much direction so far to start European morning trade.

We are seeing a slight extension of the currency ranges with the dollar easing slightly but EUR/USD isn't going anywhere with topside still limited around 1.1300 for now.

Large expiries at the level will also be a key consideration for keeping price action more around current levels before they roll off later today.

As for other technical levels to watch out for in the pair right now, the 100-hour MA @ 1.1273 remains a key line in the sand alongside the 61.8 retracement level @ 1.1268.

Further down there is support from the 200-hour MA (blue line) @ 1.1254. That will be a key near-term support level to be mindful about as a break under there will see sellers regain control and look for a move back towards 1.1200 potentially.

As for upside levels, the 1.1300 handle is one to watch now with further resistance seen around 1.1325-30 and then at 1.1345-50 once again.

But as seen from the chart above, the pair is pretty much looking to try and break out from this choppy price action that is centered around 1.1200 to 1.1350 for the most part.

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