Upside price moves remain capped by the 200-hour MA since last Friday
And just like last week, the near-term bias remains very much undefined still. Sellers are currently leaning on the 200-hour MA (blue line) and offers close to the 1.1450 level to pin price down while buyers are able to lean on the upwards trendline, which defended the downside move in US trading on Friday, for support.
Price action remains trapped and until a break out happens, there is no clear near-term direction in the pair at the moment in my view. As always, patience is key when it comes to trading so if you're looking for entries I'd go with a break of either key levels above unless you're scalping.
But any downside move will also be met by support in the 100-hour MA (red line) @ 1.1376. That's an additional area for buyers to lean on and defend. As for sellers, any move beyond the 200-hour MA will look towards the 1.1500 level so that will be a key area to defend in the near-term.
Also, do note that there is a decent amount of expiries at 1.1500 rolling off today as well. Something to take note in any event price action does move to the upside later on.
