EUR/USD price action rests in between the key hourly moving averages
Buyers went in search of an upside break in overnight trading but fell short amid minor resistance around 1.0885 with the 200-bar moving average on the 4-hourly chart also helping to limit gains in the euro yesterday.
That saw price fall back under the 200-hour MA (blue line) and the near-term bias in the pair has since remained more neutral, with price action seeing a range of just 26 pips today.
The low did move to test the 100-hour MA (red line) but buyers defended the level, leaving for more tepid trading during the session so far.
US futures are building some modest momentum, trading up by 0.7% currently and that is putting some light pressure on the dollar - particularly against the aussie and loonie.
EUR/USD has also moved off its lows but price action remains largely contained.
For buyers, there is still much work to do and I reckon a break above 1.0900 is needed to establish any real conviction for a further upside break.
For sellers, they have been constantly knocking on the door of a firm downside move under 1.0800 since last week but it still hasn't quite materialised for them just yet.
Support levels at 1.0767-85 will be key to watch if price starts to dip under the 1.0800 level.
