EUR/USD continues to sit in between both key hourly moving averages
That indicates that the near-term bias is still more neutral with buyers having fumbled at the last minute yesterday, closing under the 1.0800 level. However, price did keep above the 100-hour MA (red line) so that's at least a good sign for buyers.
But for now, keeping above 1.0800 and contesting a break above the 23.6 retracement level @ 1.0839 will be key ahead of the daily close today.
Just above those levels, buyers will need to work their way towards testing the 200-hour MA (blue line), currently at 1.0905 in order to seize back near-term control.
Dollar weakness to start the week is still part and parcel of what is keeping the pair underpinned, but so far the exhaustion in the greenback isn't leading to any turnaround in sentiment just yet as seen above.
As such, EUR/USD is still very much caught in limbo as we continue to wait on the next move in the pair on either side of the key hourly moving averages.
The market may be clinging on to hope and retracing some of the moves over the past three weeks for now, but now that we see the US stimulus bill agreement, the question will shift towards "is that enough to cope with the economic fallout?".
