EUR/USD sits in a 11 pips range so far today
The pair is trading in between 1.1014-25 today, which now seems to be the "normal" range considering the lack of volatility present. But slowly and steadily, the pair is closing in on a test of the 1.1000 handle over the past few days.
The downside momentum remains in tact after a break below the 100-day MA (red line) and the trendline support last week. From here, further support is seen at the 1.1000 handle with an added layer of support around 1.0981-84.
Beyond that, the pair is potentially vulnerable to a drop towards 1.0950 or even 1.0900.
Looking ahead this week, the dollar side of the equation will be a key driver. The first order of business will be how the dollar reacts to coronavirus fears and if we continue to see more risk aversion, that should lend to further bids in the greenback.
After that, it's over to the US economic calendar where we will get durable goods orders data today before Fed tomorrow. Those will be key risk events to watch in the coming sessions.
Back to EUR/USD, any upside move requires buyers to try and move back above the 100-hour moving average @ 1.1049 before trying to challenge the 100-day MA @ 1.0971.
