EUR/USD touches a low of 1.1726 on the day
The daily range is still narrow but there's been light flows in the the dollar and the yen as the session begins. Of note, EUR/USD is now moving closer to a test of the 100-hour MA (red line) @ 1.1718. For buyers, price needs to hold above it for the near-term bullish bias to be maintained.
Equities aren't faring all too well as the session begins with European futures lower as the Hang Seng touches a session low now being down 1.7%. That's one of the reasons I can point towards for the flows that we're seeing at the start of trading here.
For EUR/USD, the 100-hour MA is a key level for buyers to stay above otherwise the near-term momentum will be broken. Price broke above the 100-day MA in trading last week but fell short of eclipsing the 1.1800 handle:
For now, the swing region between 1.1790-10 will be a key resistance region for the pair to the upside. And as for the downside, it's all about the key hourly moving averages shown above.
Support
- 1.1718 (100-hour MA)
- 1.1700 (bids, swing region)
- 1.1685 (200-hour MA)
- 1.1650 (swing region)
Resistance
- 1.1791 (July high)
- 1.1800-10 (offers, swing region)
- 1.1840-50 (swing region)
