EUR/USD struggles for direction as sellers lack conviction for downside break
EUR/USD sellers remain in near-term control but aren't able to drive price towards the 1.1200 handle
Price sits in a narrow range on the day - 19 pips - as the pair continues to struggle for direction despite European traders returning from the Easter break. The last real move in the pair came last Thursday (fall from 1.1290 to 1.1230) following a series of disappointing PMI survey prints from Germany and Eurozone as a whole.
The near-term bias in the pair remains more bearish with price holding below the key hourly moving averages but buyers are looking poised to try and test the 100-hour MA (red line) at some point today. I reckon that will be a key point of contention to look out for in the coming sessions as it will determine where the pair will be headed in the near-term.
Other than that, there's large expiries resting at 1.1250 today which should keep price action limited around current levels. There won't be much of note on the economic calendar to move things along so just pay attention to the near-term technical levels above and risk sentiment with earnings season set to peak this week in Wall Street.
That will offer traders more clues on where EUR/USD will be headed next.