EUR/USD is flat at 1.1406 currently

EUR/USD is flat at 1.1406 currently

And price certainly doesn't look like it's in a hurry to run away from the figure level any time soon. Markets are struggling for direction in what is going to be a big couple of days in the offing as there is little to drive sentiment for the time being.

For EUR/USD, buyers may be in near-term control as price holds above both key hourly moving averages. However, on the 4-hourly chart, price is still being kept in-check by the 100-bar (red line) and 200-bar (blue line) moving averages near 1.1400.

To "add insult to injury" (for those looking for more volatile price movements), there's a chunk of expiries around 1.1400-15 that is looking to keep price action limited until they roll off at 1400 GMT later today; as noted here earlier.

The pair started the session with a decent move higher towards 1.1420 but has since backed off to near 1.1400 as the dollar regained some poise. I would expect trading to still center around the figure level for the time being.

As for what to expect next, look out for risk and what markets will be perceiving on dollar sentiment. There is decent resistance for the pair around 1.1410-20 as well so that's something to be wary about. At this stage, there isn't much for traders to go on in the near-term with price still contained between the 1.1300 to 1.1500 range in the bigger picture. Hence, the 1.1400 level is pretty much "neutral" territory.

In the event of a downside move, look out for support from the 100 and 200-hour moving averages @ 1.1367 and 1.1374 respectively. Those will be key lines in the sand to determine the bullish/bearish near-term bias.