EUR/USD fell back below 1.1900 and the battle now shifts towards the key hourly moving averages again
The turnaround in the dollar yesterday just adds more indecisiveness to the trading picture on the week, as we go back to levels seen on Monday currently.
But more importantly, price action has shifted back under 1.1900 and also below the 100-hour MA (red line) @ 1.1877. However, price is still holding above the 200-hour MA (blue line) @ 1.1828 with the 50.0 retracement level @ 1.1838 holding up for now.
That is keeping the near-term bias more neutral as the turnaround in the dollar yesterday now turns into a battle of whether or not there might be more ahead of the weekend.
Essentially, the near-term picture suggests that we have hit the reset button in EUR/USD and it is over to buyers and sellers to battle it out in seeing which side of the key hourly moving averages the next break will come.
Looking to the upside, the 1.1900 level will also offer some added resistance beyond the 100-hour MA but also the resistance region around 1.1950-66.
As for any downside move, support can be seen closer to 1.1800 before looking towards 1.1780 and then the support region around 1.1710-25 with the 1.1700 handle just below.
