EUR/USD focus remains on key near-term levels to start the new week

EUR/USD H1 04-08

Sellers tried to push for a downside move in trading yesterday but ran into support around 1.1700 and the 200-hour MA (blue line) before buyers kept near-term price action trapped in between the key hourly moving averages.

The near-term bias turned more neutral and buyers are looking to push their own agenda to kick start the session. The high in the past hour touched 1.1803 and just above the 100-hour MA (red line) @ 1.1787 but has since retreated.

The battle in between the key hourly moving averages is still the key focus in the pair to start the week as such. For buyers, they need to break back above the 100-hour MA and 1.1800 to potentially revisit a test of 1.1900 moving forward.

As for sellers, they need to try and push for a move back under the 200-hour MA @ 1.1732 and preferably the 1.1700 handle to really get any downside momentum going.

It has been a mixed start to the session so far with the dollar keeping a little weaker across the board but stocks aren't really in a good spot.

European equities erased early gains and are now trading lower - DAX down by 0.5% - while US futures are also down 0.2% after having gave up early gains as well.