EUR/USD moves to session low as sellers look to reclaim near-term control

Technical Analysis

Author: Justin Low | eurusd

EUR/USD looks to firmly break below the 200-hour moving average

EUR/USD H1 04-03
The dollar is also gaining a bit of ground as we begin the European morning, paring some losses against the likes of the aussie and kiwi as we see EUR/USD fall to a low of 1.1344 on the day. Of note, price action is looking to fall below the 200-hour MA (blue line) after buyers failed to hold firm on a break of the 1.1400 handle last week.

The 100-day moving average (today at 1.1383) is also a key resistance level that has helped to limit upside potential in the pair last week.

The key risk event for the euro this week is of course the ECB meeting on Thursday. The central bank is expected to revise downwards its economic forecasts and those negative/dovish expectations is something that markets may be looking to price in as we move closer to the meeting in a few days' time.

There is some support for EUR/USD around 1.1340 but following a drop there, further support is then seen at 1.1315 before the 1.1300 handle comes into play.

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